Following the introduction of Bitcoin ETFs, the value of the flagship cryptocurrency fell below $43,000 due to market corrections, leading to a decline in enthusiasm for the endorsement.
With a current price of $42,900, Bitcoin (BTC) is down 0.3% over the past 24 hours and 2.5% over the past week, accompanied by a 24-hour trading volume exceeding $16 million, which reflects a drop of 62%.
Following the approval of the first Bitcoin spot ETF in the US, the coin's price showed volatility, initially rising to over $49,000, then experiencing a rapid downturn to its current level. The Bitcoin ETF debut facilitated transactions worth $4.6 million, contributing to significant drops in shares of crypto companies such as MicroStrategy and Coinbase Global.
Despite the declines in recent years interview Cathy Wood, founder of ARK Invest, noted that the company's optimistic forecast of reaching a price of more than $1 million for BTC by 2030 is now more plausible following the approval of the United States Securities and Exchange Commission (SEC).
While Bitcoin faces challenges, some altcoins kato Ethereum suffered minor losses. Others, including SOL and ADA, saw steeper declines. The global cryptocurrency market capitalization has also dropped by $80 billion in a single day.
