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28 Oct 2021

Bitcoin Falls below $60,000 as ETF related Frenzy Declines

Bitcoin Falls below $60,000 as ETF related Frenzy Declines

The Index Today

Bitcoin value dropped below $60,000 after U.S crypto ETF frenzy died down. Traders saw the digital currency’s value drop as much as 6.4% to $58,132 after it peaked to $66,976 last week. Reports show that Ethereum also fell around 7.5% whereas Solana and Dogecoin recorded a value drop of over 8%.

Antoni Trenchev of Nexo said on the matter, “I’m not surprised Bitcoin hit a wall at $67,000, having passed the April high, given the speed of the move from $30,000 in July. Bitcoin needs to cool off before it embarks on its next leg up.”

According to Coinmarketcap, Polkadot saw a decline of 9% and Cardano lost around 11% in the past day. The new launch of the first ever Bitcoin ETFs on the stock exchanges has led to higher prices crossing over $700 million as of last Wednesday.

Stephane Ouellette, CEO of FRNT Financial Inc. said, “We already saw a wave of quite severe leverage come into the space which was evidenced by futures contangos, perpetual swap and peer-to=peer lending rates all spiking around the launch of the BTC ETF.”