BTC Retreated From $60K While Markets Drop Overnight

BTC retreated from $60K, besides the fact that Bitcoin was nearing a new all-time high yesterday, the trend was discontinued today. The price of the oldest and most famous cryptocurrency suffered a fall of nearly 5% in the last 24h, bringing it down to the price of $56,697. But noteworthy is the fact that the market capitalization of Bitcoin is far above trillion dollars so let’s look further in our latest BTC news today.

It was an unstable week for the king of cryptocurrencies. The week before its price was at the level of $61.500, which had a reinforcing effect on the crypto market. As it usually is, the majority of the most important digital currencies by market cap are down today. Ethereum experienced a fall of nearly 4%, to $1,768 which for investors and supporters seems as it was a lifetime ago since it set a strong bullish trend near the all-time high of $2000, a month ago.

In the meantime, a fall down of about 7% was experienced by the owners of Cardano, Polkadot, and Chainlink. Polkadot at this moment is in circulation for $36.84, while Chainlink goes for $29.19. None the less Cardano is in an upward trend if we look at digital currency in a holistic manner. Yesterday ADA achieved a price of $1.31, but today is in circulation for $1.19. This is a growth of about 10% compared with the week before.

Although the interest of the wider public in Bitcoin is booming since the beginning of its Goliathan growth throughout the pandemic, the growth this week was quite small as BTC retreated from $60K.

The most important news is that the hedge fund of Anthony Scaramucci, the former White House communications director, SkyBridge, has filed for a Bitcoin ETF. It is not the first Bitcoin investment instrument. In January of 2021, there was the Zoom launch call for its Bitcoin Fund crashed, which had 6000 potential investors joining at once.

ETFs are thought of as one of the best low-risk investment instruments in the world of crypto. And since the resignation of Jay Clayton, the former US Securities and Exchange Commission chair there was the spirit of getting approval for ETFs in the United States.