{"id":571147,"date":"2024-01-24T13:00:19","date_gmt":"2024-01-24T13:00:19","guid":{"rendered":"https:\/\/ktsl888.com\/?p=571147"},"modified":"2024-01-24T11:05:41","modified_gmt":"2024-01-24T11:05:41","slug":"post-etf-pain-bitcoin-plunges-20-and-drowns-the-crypto-market-in-a-sea-of-red","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/post-etf-pain-bitcoin-plunges-20-and-drowns-the-crypto-market-in-a-sea-of-red\/","title":{"rendered":"Post-ETF Pain: Bitcoin Plunges 20% – And Drowns The Crypto Market In A Sea Of Red"},"content":{"rendered":"

Bitcoin has dropped over 20%<\/a> from its three-year high reached shortly after the U.S. Securities and Exchange Commission (SEC) approved the first spot Bitcoin exchange-traded funds (ETFs) in January. Analysts cite a combination of profit-taking after the long-awaited event and broader market uncertainty as reasons for the correction.<\/p>\n

Bitcoin Retreats Post-ETF Approval Surge<\/strong><\/h2>\n

The price surge in anticipation of the ETF approval saw Bitcoin reach nearly $49,000 on January 11th. However, since the green light for the ETFs, the cryptocurrency has retreated steadily, trading at around $39,500<\/a> at the time of writing.<\/p>\n

Related Reading: Lone Survivor: Ronin (RON) Rallies 20% As Top 100 Cryptos Bleed<\/a><\/div>\n

According to some analysts, they have seen a classic “sell the news” scenario unfold. Investors had largely priced in the ETF<\/a> approval for months, and once it actually happened, some took the opportunity to lock in profits, they added.<\/p>\n

While nearly $4 billion has flowed into the new spot ETFs, a significant portion, analysts note, came from existing funds like Grayscale which transitioned into an ETF, suggesting less net new investment than what the headline numbers might imply. Additionally, the ongoing liquidation of assets from bankrupt crypto exchange FTX has added downward pressure on prices.<\/p>\n

Bitcoin slightly above the $40K level today. Chart: TradingView.com<\/a><\/pre>\n
Yuya Hasegawa, crypto market analyst at Japanese bitcoin exchange Bitbank, said:<\/p>\n
\n
\u201cIt seems that the seemingly large amount of daily outflows from GBTC is affecting the market in a psychological way.\u201d<\/h4>\n<\/blockquote>\n
The downturn extends beyond Bitcoin, with other major cryptocurrencies also experiencing losses.<\/a> Ether, the world’s second-largest cryptocurrency, is down nearly 4%, while Solana and other altcoins have seen similar declines. The price dips have also impacted crypto-related stocks, with Coinbase shares falling around 4% in pre-market trading.<\/p>\n
\"\"Top 10 cryptos drenched in red today. Source: Coingecko<\/pre>\n
Despite the recent price correction, analysts remain divided on the near-term outlook for Bitcoin. Some believe the pullback may be nearing its end, with support levels around $36,000 likely to hold. Others believe further downside is possible before a sustained rebound.<\/p>\n
\"\"BTC price action in the last week. Source: Coingecko<\/a><\/pre>\n
Bitcoin: Volatility Persists, Long-Term Outlook Strong<\/strong><\/h2>\n
Bitcoin has experienced significant corrections after major news events in the past. However, the long-term fundamentals remain strong, and many believe Bitcoin is still on track for a new all-time high in 2024.<\/p>\n
The recent market volatility highlights the risks involved in investing in Bitcoin and other cryptocurrencies. While the potential for high returns exists, investors should be aware of the significant price swings and uncertain regulatory landscape before entering the market.<\/p>\n
Related Reading: Bitcoin Evangelist Says Investors Will Be Crushed Expecting BTC At $30,000<\/a><\/div>\n
As the post-ETF aftermath unfolds, the cryptocurrency market finds itself submerged in a sea of red. The volatility underscores the sensitivity of digital assets to market sentiment and regulatory developments.<\/p>\n
Featured image from Shutterstock<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin has dropped over 20% from its three-year high reached shortly after the U.S. Securities and Exchange Commission (SEC) approved the first spot Bitcoin exchange-traded funds (ETFs) in January. Analysts cite a combination of profit-taking after the long-awaited event and broader market uncertainty as reasons for the correction. Bitcoin Retreats Post-ETF Approval Surge The price surge in anticipation of the ETF approval saw Bitcoin reach nearly $49,000 on January 11th. However, since the green light for the ETFs, the cryptocurrency has retreated steadily, trading at around $39,500 at the time of writing. Related Reading: Lone Survivor: Ronin (RON) Rallies 20% As Top 100 Cryptos Bleed According to some analysts, they have seen a classic “sell the news” scenario unfold. Investors had largely priced in the ETF approval for months, and once it actually happened, some took the opportunity to lock in profits, they added. While nearly $4 billion has flowed into the new spot ETFs, a significant portion, analysts note, came from existing funds like Grayscale which transitioned into an ETF, suggesting less net new investment than what the headline numbers might imply. Additionally, the ongoing liquidation of assets from bankrupt crypto exchange FTX has added downward pressure on prices. Bitcoin slightly above the $40K level today. Chart: TradingView.com Yuya Hasegawa, crypto market analyst at Japanese bitcoin exchange Bitbank, said: \u201cIt seems that the seemingly large amount of daily outflows from GBTC is affecting the market in a psychological way.\u201d The downturn extends beyond Bitcoin, with other major cryptocurrencies also experiencing losses. Ether, the world’s second-largest cryptocurrency, is down nearly 4%, while Solana and other altcoins have seen similar declines. The price dips have also impacted crypto-related stocks, with Coinbase shares falling around 4% in pre-market trading. Top 10 cryptos drenched in red today. Source: Coingecko Despite the recent price correction, analysts remain divided on the near-term outlook for Bitcoin. Some believe the pullback may be nearing its end, with support levels around $36,000 likely to hold. Others believe further downside is possible before a sustained rebound. BTC price action in the last week. Source: Coingecko Bitcoin: Volatility Persists, Long-Term Outlook Strong Bitcoin has experienced significant corrections after major news events in the past. However, the long-term fundamentals remain strong, and many believe Bitcoin is still on track for a new all-time high in 2024. The recent market volatility highlights the risks involved in investing in Bitcoin and other cryptocurrencies. While the potential for high returns exists, investors should be aware of the significant price swings and uncertain regulatory landscape before entering the market. Related Reading: Bitcoin Evangelist Says Investors Will Be Crushed Expecting BTC At $30,000 As the post-ETF aftermath unfolds, the cryptocurrency market finds itself submerged in a sea of red. The volatility underscores the sensitivity of digital assets to market sentiment and regulatory developments. Featured image from Shutterstock<\/p>\n","protected":false},"author":557,"featured_media":571181,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,9960,1119,1144,6664,8379,3799],"class_list":["post-571147","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-bitcoin-etfs","tag-btc","tag-btcusd","tag-crypto","tag-etfs","tag-sec"],"acf":[],"yoast_head":"\nPost-ETF Pain: Bitcoin Plunges 20%<\/title>\n<meta name=\"description\" content=\"Bitcoin has dropped over 20% from its three-year high reached shortly after the U.S. Securities and Exchange Commission (SEC) approved the first spot\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/ktsl888.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Post-ETF Pain: Bitcoin Plunges 20% – And Drowns The Crypto Market In A Sea Of Red","url":"http:\/\/ktsl888.com\/news\/post-etf-pain-bitcoin-plunges-20-and-drowns-the-crypto-market-in-a-sea-of-red\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/post-etf-pain-bitcoin-plunges-20-and-drowns-the-crypto-market-in-a-sea-of-red\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/01\/a_19a684.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/01\/a_19a684.png?fit=376%2C266"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin etfs","btc","btcusd","crypto","etfs","sec"],"dateCreated":"2024-01-24T13:00:19Z","datePublished":"2024-01-24T13:00:19Z","dateModified":"2024-01-24T13:00:19Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Post-ETF Pain: Bitcoin Plunges 20% – And Drowns The Crypto Market In A Sea Of Red\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/post-etf-pain-bitcoin-plunges-20-and-drowns-the-crypto-market-in-a-sea-of-red\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/post-etf-pain-bitcoin-plunges-20-and-drowns-the-crypto-market-in-a-sea-of-red\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/a_19a684.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/a_19a684.png?fit=376%2C266\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin etfs\",\"btc\",\"btcusd\",\"crypto\",\"etfs\",\"sec\"],\"dateCreated\":\"2024-01-24T13:00:19Z\",\"datePublished\":\"2024-01-24T13:00:19Z\",\"dateModified\":\"2024-01-24T13:00:19Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/01\/a_19a684.png?fit=376%2C266","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/571147"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=571147"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/571147\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/571181"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=571147"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=571147"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=571147"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}