Bitcoin and other major cryptocurrencies are in sharp decline today. The price of bitcoin has fallen below the $ 60,000 threshold and travels in the $ 58,900 area (-5.6% in the last 24 hours), more than $ 8,000 from the all-time highs reached last week ($ 66,976 reached on 20 October).
The world‘s most popular cryptocurrency, which jumped more than 400% in the past year, dropped to $ 58,132, hitting its lowest intraday price in nearly two weeks. Ethereum is also struggling at around -6% as the Bloomberg Galaxy Crypto Index, which tracks some of the largest digital currencies, fell as low as -5.3%.
After the euphoria linked to the arrival of the first US Bitcoin ETF, substantial liquidations of long cryptocurrency positions are emerging (over $ 700 million today, the highest since September 20, according to data from Bybt.com). A sell-off that is fueled, according to analysts, also by the fact that in crypto there is much more leverage available for retail traders than in other asset classes.
The disappointing results from Robinhood (stock falling to -12% below $ 35) with revenues in sharp decline in the 3rd quarter compared to the previous quarter thanks to the sboom of revenues from cryptocurrencies, which fell to 51 million, are also holding the spot today. in the third quarter from the record 233 million of the second quarter. Robinhood’s total revenue for the quarter amounted to 365 million, missing the estimate of 437.1 million (FactSet estimates).
Meanwhile, Vica CEO Al Kelly said the growth of cryptocurrencies will benefit Visa’s profits as cryptocurrency investors will have to transfer money from a traditional bank account to a third-party service to buy Bitcoin and other coins.