Following its surge in December, investors cashed out of Bitcoin on Monday.
The cryptocurrency’s price dropped significantly on Sunday night, reaching as low as $40,300 at one point. As of late, it has dropped by more than 7% to $40,887.81, according to Coinbase. Over the weekend, Bitcoin fluctuated slightly below its previous week’s high of $44,000.
At $2,202.92 on Monday, ether experienced a 7% decline. While XRP on Ripple declined by roughly 8%, Solana’s SOL coin also saw a 7% decline. The worst days for ether and bitcoin since March 9 and August 18, respectively, are expected, according to Coin Metrics.
Stocks in cryptocurrency also suffered. MicroStrategy saw a 7% decline, and Coinbase saw a roughly 5% drop. Riot Platforms and Marathon Digital, the two biggest mining stocks, saw double-digit declines in their shares, while bitcoin miners saw double-digit drops. Investment grade companies CleanSpark and Iris Energy saw declines of around 15% and 14%, respectively.
As anticipation built that the U.S. Securities and Exchange Commission might approve the first spot bitcoin exchange-traded fund in early January, the cryptocurrency saw a 12% increase in value in December, according to Coin Metrics. After a debut, Galaxy Digital projects that the addressable market size of a bitcoin exchange-traded fund (ETF) in the United States would be roughly $14 trillion in the first year and $26 trillion in the second.
Source (CNBC)
