Bitcoin is up 62 percent so far this year largely due to huge demand from new US exchange-traded funds (ETFs). On Tuesday, the Bitcoin price opened up 2.5 percent to $69,191.95, according to Bloomberg.
This has meant that many investors have taken a profit, and at 21 Norwegian time, Bitcoin plunges 9.4 per cent to 61,133.00 dollars.
Thus, the entire week’s rate rise has evaporated. Last Wednesday, the Bitcoin price passed above $60,000 for the first time since 2021. Since then, it has gone one way to the top above $69,000.
Capital has flowed into listed funds linked to the spot price of Bitcoin.
BlackRock’s exchange-traded fund (ETF) linked to the spot price of bitcoin achieved a total value or assets under management of $1 billion in the first four days it was available for trading on the exchange. Since then, the money has only continued into the Bitcoin ETFs.