It's been less than a week since the launch of the Space Bitcoin exchange-traded fund (ETF) and the crypto markets are suffering.
Last week, Bitcoin (BTC) lost more than 10% in value, according to CoinGecko. The largest digital coin by market value is currently trading at $41,002.
Last week it was closing at $49,000.
The long-awaited bitcoin ETF has been a resounding success — BlackRock's iShares ETF has amassed more than $1 billion in assets under management.
So why is it included in the price? Maybe it has something to do with the investors who made the money from the initial ETF hype.
Some analysts say the ETF's approval has already been “priced in.” This means that traders and investors are unlikely to continue buying after the approval is officially confirmed.
The rest of the crypto market was also hit hard last week. Solana (SOL) has shed more than 7% in value over the past week and is now at $92.38.
Avalanche (AVAX) was down more than 14%, trading hands at $32.82. Both assets performed very well in December, attracting institutional investors.
Meanwhile, Ethereum (ETH), the second-largest digital coin, has lost 8% of its value in the past week. It is now priced at $2,466.
Following the US Securities and Exchange Commission's approval of a 10-spot BTC ETF, the crypto sphere is now anticipating where ETH ETFs will fall.
Wall Street's top regulator on Thursday pushed back the deadline for a decision on Fidelity's proposed spot Ethereum ETF to March 5, triggering a price cut for the asset.
The total crypto market now stands at $1.7 trillion, down 2.8% in the last 24 hours.
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