Bitcoin buzz cooled on Friday, a day after the Bitcoin ETF began its first spot trading in the United States. Because it seemed like cryptocurrency traders were selling the news. The prices of major cryptocurrencies, which had been on the rise recently, have plummeted.
Late Friday morning, Bitcoin plummeted about 6% to a record low of $43,413, per data from CoinGecko, but as of this writing, the current price is trending higher again, at $43,547.
Bitcoin approached $49,000 on Thursday for the first time since 2021 as the first spot ETF began trading in the United States. However, that momentum was short-lived and prices continued to fall overnight until falling sharply in the last few hours.
According to data from CoinGlass, more than $90 million worth of Bitcoin positions were liquidated in the last 24 hours, including $76 million worth of long positions and more than $14 million worth of shorts. Bitcoin’s decline has accelerated, with nearly $30 million worth of long-term liquidations taking place in the past hour alone.
Interestingly, Ethereum has taken the opposite trajectory, rising significantly this week as cryptocurrency investors consider the possibility ahead of the US spot Ethereum ETF. BlackRock CEO Larry Fink said: CNBC On Friday he can “see value” in such offerings. Wall Street’s Goliath applied for a spot Ethereum ETF in the United States last November.
Ethereum is up nearly 19% this week, reaching nearly $2,700 on Friday morning for the first time since April 2022. Ethereum scaling networks Arbitrum and Optimism also set record high prices for their respective tokens early Friday.
