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Btc/usd: bitcoin slumps 4% in broad pullback as eight ethereum etfs ready for launch

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  • By admin
  • 28 May, 2024

Bitcoin drops 4% to $67,400.

Ether holds gains near $3,900.

Eight ETH ETFs set to go live.

G token is off by about 8% from record high as “buy the rumor sell the news” has traders reversing their bets on the risky assets.

  • Bitcoin prices (BTCUSD) retreated about 4% over the past day as investors’ animal spirits over the anticipated launches of Ethereum exchange-traded funds have quieted down. Crypto markets went wild last week when rumors ran rampant that the Securities and Exchange Commission might be giving its approval over the new Ether-based investment vehicles. And it did – eight ETH ETFs are on deck for launch.
  • Markets might be playing out the good old “buy the rumor sell the news” narrative now that the Ether ETFs are approved. In anticipation of the go-live date, Ethereum (ETHUSD) held steady near $3,900 per coin, pulling back from a three-month peak of just under $4,000. Bitcoin was also knocked to start the week with its price sliding from $70,600 on Monday to $67,400 a pop early Tuesday.
  • This latest regulatory greenlight is another huge milestone for crypto space. The newly-formed Ether ETFs, issued by some of the biggest asset managers like BlackRock, will sit right next to the Bitcoin ETFs launched back in January. Increased volatility might be expected over the next few days as crypto enthusiasts seek to position themselves for some high-frequency trading action.

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