Bitcoin And Ethereum Plunge Hard This Week Despite ETF Hype

(CTN News) – There is still no sign of recovery in the crypto market almost a week after spot Bitcoin exchange-traded funds (ETFs) were launched.

Bitcoin (BTC) has lost more than 10% of its value over the past week, according to CoinGecko. Market capitalization-wise, the largest digital coin currently has a market capitalization of $41,002.
The difference between $49,000 and $50,000 was close last week.

As a result of the launch of BlackRock’s long-awaited Bitcoin ETF, the fund has amassed over $1 billion in assets under management.

What is the reason for the price decline? It is likely that investors are taking advantage of the hype surrounding ETFs to cash out their gains.

Investors and traders are unlikely to continue buying after the approval of ETFs has been announced. Analysts have reported that the approval has already been “priced in.”

Additionally, the rest of the crypto market has been severely affected over the past week. A decline of 7% has occurred in the value of Solana (SOL) over the last week, and the stock is currently trading at $92.38.

There is a decline of more than 14% in Avalanche (AVAX), trading at $32.82. Due to institutional investor interest, both assets performed well in December.
Ethereum (ETH), the second-largest digital coin, has lost 8% of its value over the past week. Currently, it is priced at $2,466.

In the wake of the approval of ten spot Bitcoin ETFs by the Securities and Exchange Commission, the Bitcoin crypto community is now waiting for spot ETH ETFs to be launched.

It has been reported that the top regulator on Wall Street has extended the deadline for a decision on Fidelity’s proposed spot Bitcoin & Ethereum ETF to March 5, resulting in a downward trend in the price of the asset.

As of today, the total crypto market is valued at $1.7 trillion, down 2.8% from the previous day.

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