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    Finance

    Bitcoin price drops nearly 20% since launch of spot ETF trading

    Bitcoin price drops nearly 20% since launch of spot ETF trading

    Since the commencement of trading in shares of spot Exchange-Traded Funds (ETFs), the price of Bitcoin has witnessed a significant decline of almost 20%, as per to a report from the Russian publication RBC Crypto.

    Photo: The price of Bitcoin has witnessed a significant decline of almost 20%
    Source: Spot

    As of January 22, the value of the world's largest cryptocurrency stood at $39,452, reflecting a 3% decrease and marking its lowest point since early December 2023. Despite a partial recovery from the initial fall, Bitcoin is currently trading at $39,000 as of 16:58 Tashkent time. Notably, since January 11, Bitcoin has experienced a substantial drop in value, shedding nearly $10,000 or over 19%.

    The second-largest cryptocurrency, Ethereum (ETF), also felt the impact, registering a 3.5% loss in a day and reaching $2.34 thousand. Other leading coins in the top ten by market capitalization, including Solana (SOL), XRP from Ripple, Cardano (ADA), Dogecoin (DOGE), and Avalanche (AVAX), reported price declines ranging from 3% to 7%.

    The overall decrease in the value of numerous cryptocurrencies prompted a widespread liquidation of margin positions among traders on crypto exchanges. According to Coinglass, the total amount of forcibly closed positions surpassed $211 mn in a single day, with over $173mn representing the liquidation of long positions held by traders anticipating continued growth in Bitcoin and other cryptocurrencies.

    Earlier Daryo reported that the National Agency for Advanced Projects (NAPP) in Uzbekistan has fined Binance, a leading global cryptocurrency exchange, following an audit that identified several breaches of licensing requirements related to cryptocurrency transactions.

    Follow Daryo's official Instagram and Twitter pages to keep current on world news.

     

    24.01.2024, 03:02   Comments (0)   1494
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