HomeFinance NewsBitcoin and Ethereum Plunge Despite ETF Hype: This Week in Coins

Bitcoin and Ethereum Plunge Despite ETF Hype: This Week in Coins

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Since the launch of spot Bitcoin exchange-traded funds (ETF), the crypto market has seen a significant decline in value. Bitcoin has experienced a 10% decrease in value, dropping to $41,002 from its previous mark of almost $49,000. This drop in price is likely due to investors cashing out their gains from the initial ETF excitement, as some analysts believe that the approval had already been “priced in.”

Furthermore, other cryptocurrencies like Solana and Avalanche have also suffered losses, with Solana dropping by over 7% and Avalanche down by more than 14%. Even Ethereum, the second-biggest digital coin, has lost 8% of its value, now priced at $2,466. The crypto market as a whole has decreased by 2.8% in the last 24 hours, standing at an overall $1.7 trillion.

In addition to the decline in value, the U.S. Securities and Exchange Commission’s decision to push back its deadline for a spot Ethereum ETF has also led to further price dips. With the anticipation of spot Ethereum ETFs, the crypto sphere continues to experience uncertainty and fluctuation in the market.

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