Following its surge in December, investors cashed out of Bitcoin on Monday.
Based on Coinbase, the price of the cryptocurrency dropped more than 7% recently, to $40,658.19. This comes after a significant decline on Sunday night, which saw the price dip as low as almost $40,300. Over the weekend, Bitcoin fluctuated slightly below its previous week’s high of $44,000.
Ether, meanwhile, dropped 7.5% to $2,179.26 on Monday. Solana’s SOL coin had a 6% decline, while Ripple’s XRP saw a roughly 9% drop. Coin Metrics indicates that ether and bitcoin are headed for their worst days since March 9 and August 18, respectively.
Additionally, stocks in cryptocurrency fell. MicroStrategy lost about 8%, and Coinbase dropped by roughly 6%. The two biggest mining stocks, Riot Platforms and Marathon Digital, saw double-digit declines in their shares, accounting for 12% and 13% of the total decline in bitcoin miners. Wall Street favourites Iris Energy and CleanSpark had losses of 13% and 15%, 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)
