Bitcoin and Ether prices slump as altcoins lead declines
Bitcoin struggles to maintain $29,000 level amid low trading activity. Ether also slumps to around $1,820.
Key Points:
– Bitcoin hits weakest level since August 7, down 1.3% in 24 hours.
– Tom Lee predicts price jump to over $150,000 with approval of a spot bitcoin ETF.
– SEC reviewing multiple spot BTC ETF applications, including one from BlackRock.
– Altcoins such as SOL, DOGE, and MATIC fall 5-7% in the past 24 hours.
– XRP drops below 60 cents for the first time since mid-July.
Hot Take:
As bitcoin struggles to gain momentum, altcoins are leading the market decline. However, the approval of a spot bitcoin ETF could potentially drive a significant price increase. The SEC’s review of various ETF applications, including one from BlackRock, is closely watched by crypto enthusiasts. Meanwhile, altcoins like SOL, DOGE, and MATIC are experiencing significant losses. The overall market volatility remains low, despite past events that have impacted the crypto industry.
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