Bitcoin drops more than 5% as ETF fever subsides a week after hitting an all-time high
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A photo illustration shows a graphic representation of the digital currency Bitcoin (BTC). It is displayed on a circuit board that connects to a hard drive.
Getty Images| Getty Images
As long-term investors took some of their gains a week after bitcoin hit its peak, the price of bitcoin dropped more than 5 percent Wednesday morning.
BitcoinAccording to Coin Metrics, the price of Bitcoin dropped sharply around 3 AM EST. It was last seen at $58,851.20. Price of etherIt fell to $4,008.38 by almost 4 percent
Investors may not be surprised by the move down. Some investors expected it after bitcoin rallied around ProShares’ launch of its first ETF for bitcoin futures.
Similarly, the cryptocurrency also sold off when the Chicago Mercantile Exchange listed bitcoin futures in December 2017 and when Coinbase was listed on the Nasdaq this April.
The future of bitcoin is still uncertain.
This dip is coincident with the a surge in a new memecoinAccording to CoinGecko, shiba-inu is a Dogecoin derivative, and has seen a 28% increase in value in just 24 hours.
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