SEC-Approved Spot Bitcoin ETFs Impact
If you have been following recent events in the crypto market, you may have noticed significant volatility following the launch of 11 SEC-approved spot Bitcoin ETFs. Bitcoin’s value has been particularly impacted by this development.
Bitcoin’s Recent Price Movement
If you have been closely monitoring Bitcoin’s price, you would have noticed that as of 12:15 p.m. UTC on 23 January 2024, Bitcoin is trading at approximately $38,788, marking a 4.88% decline over the past 24 hours. This decline follows a peak of $48,733 on 11 January, indicating a 20.40% correction since the spot ETFs’ introduction in the U.S.
Cramer’s View on Bitcoin’s Struggle
CNBC’s Jim Cramer has highlighted Bitcoin’s struggle to maintain its $40,000 level. He has commented on BTC’s recent price correction and highlighted the struggle to maintain its position above the $40,000 mark.
Differing Perspectives on the Market
Prominent individuals in the crypto space have varying views on the recent market developments. While Cramer has a bearish outlook, others, such as CryptoDan and Alex Becker, express a more optimistic long-term view, emphasizing Bitcoin’s historical significance and long-term value.
Impact of SEC-Approved Spot Bitcoin ETFs
Others in the industry, such as Adam Back, CEO of Blockstream, have noted the substantial buying support from these ETFs. In contrast, Peter Schiff has commented on the media’s coverage of Bitcoin’s price movements, expressing surprise at the orderly nature of Bitcoin’s decline.
Hot Take: Assessing Outlook on Bitcoin’s Value
The varied perspectives on the impact of SEC-approved spot Bitcoin ETFs indicate that the recent market volatility may not solely be attributed to these developments. While some individuals express concerns about the current market conditions, others maintain an optimistic view of Bitcoin’s long-term value.
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