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Bitcoin falls below $60,000 for the first time in over a week By BTC Peers

by Mike Robinson

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© Reuters. Bitcoin drops below $60,000 in less than a week

Bitcoin is currently at $58,823 after a bullish run, fueled in part by the launch of multiple futures ETFs.

Ten days ago, Bitcoin crossed the $60,000 threshold. A historic run by the digital asset led to an all-time record high of $672,276. This was after the news broke that the SEC could soon begin to approve Bitcoin ETFs.

However, it seems the honeymoon season caused by the SEC’s pivotal ETF decision has come to an end, judging by the current price action. Bitcoin dropped 6.6% over the last 24 hours.

This month, the SEC approved an American Bitcoin futures ETF. The regulatory body accepted the registration request for ProShares’ Bitcoin ETF on Oct 15. It also accepted the registration request for the shares of Valkyrie’s Bitcoin Strategy ETF.

Bitcoin soared to $59,000. This was a 44% increase. Soon after, Bitcoin reached its all-time record price of $67,000.

Even though ETFs that hold Bitcoin shares are not backed by Bitcoin, the US has long anticipated the arrival of Bitcoin ETFs. Instead, they give users shares that are tied to Bitcoin futures – contracts to buy Bitcoin at a future date.

The futures ETFs favor professional traders and institutional investors who have a greater understanding of complex financial instruments than ordinary retail investors. The Bitcoin futures ETFs are not yet widely adopted.

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