Bitcoin price dropped to $60,000
Bitcoin price, the world’s most popular cryptocurrency, fell more than 4 percent on Tuesday to an all-day low of $60,350. This is reported by Reuters.
It is noted that btc price continued its weekly decline amid a new blockchain update.
Overall, the cryptocurrency fell more than 11% from a record high of $69,000 on November 10.
At the same time, ether, the second-largest cryptocurrency by market capitalization, fell in price by 4.5% to $4,355.4.
At the same time, analysts say there is no news stimulating the decline, and the move seems to be due to taking profits after a sharp rise.
Bitcoin has more than doubled in value since June thanks to the cryptocurrency’s massive spread and the recent launch of a bitcoin futures fund in the U.S.
According to the exchange CoinDesk, as of 09:37 Tuesday Bitcoin’s price was at $60,548 and Ethereum at $4,299.
Bitcoin recently launched the largest update Taproot
In the blockchain of the most popular cryptocurrency Bitcoin launched the largest update Taproot in the last 4 years, which should improve the confidentiality and efficiency of transactions, as well as open the potential for smart contracts.
Bitcoin and Ether cryptocurrencies updated all-time highs in trading on November 9, one of the reasons cited by investors to mitigate inflation risks.
On October 20, Bitcoin price reached an all-time high of $67,053.
The launching of the first Bitcoin-linked index fund (ETF) on the New York Stock Exchange set the most recent record. ProShares Bitcoin Strategy is a fund that will invest in cryptocurrency futures.
Today is a pivotal day for btc ETFs
VanEck is “in limbo,” waiting for the SEC to approve its BTC spot price ETF, which it filed after the SEC approved the debut of its BTC futures ETF. The SEC, on the other hand, has chosen to reject VanEck’s spot bitcoin ETF for the time being, pending a final determination.
This move may produce significant volatility in the Bitcoin market, yet BTC/USD traded nicely in the $65k range last weekend.
XBTF will commence trading in the morning session, followed by the distribution of index data, according to the Chicago Board Options Exchange. Then this BTC futures exchange-traded fund isn’t the first to be approved by the SEC.