Massive bitcoin takes profits after a triumphant week following the debut of the first US ETF. The largest cryptocurrency in the world currently travels at $ 60,500, or more than $ 6,000 below the all-time high ($ 66,974 dollars) reached this week in the wake of the Tuesday debut of the ProShares Bitcoin Strategy ETF. With today’s decline, bitcoin has sent all the earnings of the week up in smoke, thus returning to the levels it was traveling at before the debut of the ProShares ETF. Since the beginning of the year, the prices have reached + 111%.
JP Morgan believes it unlikely that the Bitcoin ETF landed on the NYSE will trigger a new phase of a significant amount of fresh capital pouring into Bitcoin, while still seeing the cryptocurrency as a valid hedge against inflation, better than gold. “A transfer of funds from gold ETFs to funds investing in Bitcoin has been underway since September.”
Bitcoin briefly plummeted to around $ 8,200 yesterday, or -87% on the Binance US platform, likely due to a bug in their trading algorithm. Binance CEO Changpeng Zhao said on Twitter that he “expects very high volatility in #crypto in the coming months”.