cryptocoin.com As we reported, a new one has been added to the SEC’s futures Bitcoin ETF approvals that started this week. After the record-breaking ProShares Bitcoin Strategy ETF, which received a record-breaking $1 billion investment in just two days after its approval, the Valkyrie Bitcoin Strategy ETF was approved today. After the initial ETF approval, the Bitcoin rally started and Bitcoin price hit an all-time high (ATH) of $67,016. This time, however, the Bitcoin price did not react similarly. Following the launch of Valkyrie Bitcoin Strategy, the price of Bitcoin fell to $60,618 on the Bitstamp exchange.
Bitcoin price crashes in second ETF approval
The leading cryptocurrency hit an all-time high of $67,016 after the first futures-based exchange-traded fund was launched by ProShares on October 20. However, the bulls failed to sustain the momentum as the leading cryptocurrency fell 9.5% from its peak. Yesterday, Bitcoin price also dropped 87% on Binance.US due to a bug in a trading algorithm, but other exchanges were unaffected by this abnormal volatility.
The most recent decline coincided with renewed weakness in the US stock market. The Dow Jones Industrial Average (DJIA) turned red after Fed Chairman Jerome Powell told a banking panel that the central bank was on track to cut monthly bond purchases. In his speech, the Fed Chairman said:
Now, of course, the main focus is getting less and less, and I think the communication about it has worked.
Jerome Powell also said that inflation is expected to remain higher than expected next year due to the dual labor shortage and supply chain issues. Despite the ETF hype, Bitcoin is the worst performing coin in the top 10 and some altcoins have managed to stay in the green despite the recent correction, according to crypto analyst Alex Dovbnya.
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