Crypto billionaires

Bitcoin Price Falls Below $60k for the First Time in a Week

The price growth of the flagship digital asset, Bitcoin, in the last few days has been massive but has somehow taken a downturn form for the first time in the last one week as the price of the asset fell below the $60,000 mark according to data from CoinMarketCap.

The crypto king began its surge to a new ATH over a week ago following the news that the SEC had approved a first Bitcoin futures ETF in the U.S. The news saw the asset price rally to new heights as many analysts tied the green run to the approval of the ETF.

Since it hit a new all-time high; the value of BTC has gradually been dropping till it fell below the level it was last seen on October 17. On October 17, it was exchanging hands for below $60k, and today it is back under the $60k mark again.

From Bitcoin price action today, it can be deduced that the price-driven energy of the SEC approval of a  BTC futures ETF has just come to an end, as it has lost around 6.6 percent of its gains within the last 24hours.

Though many in the crypto community have welcomed the approval of Bitcoin futures ETF, many of them still want the authority to approve an ETF that would have a direct exposure to the flagship digital asset.

Anthony Scaramucci, founder of SkyBridge Capital, predicted that the SEC would approve a BTC ETF before the end of the year. And through to his prediction, a Bitcoin futures ETF has been approved for ProShares and Valkyrie.

Views and opinions expressed are solely those of the author and not of The DeChained or any affiliated party. Views or opinions expressed in this article (or any article on the website) are not financial advice. Articles are for informational purposes only. The author and The DeChained may hold positions in assets discussed in this or other articles.
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