Bitcoin decline continues!

According to data from Coinmarketcap, the value of the global cryptocurrency market, including Bitcoin, has decreased by approximately 4.91 percent within 24 hours, falling to 1 trillion 520 billion dollars.

The price of Bitcoin, the largest cryptocurrency, fell by 4.85 percent in the last 24 hours, dropping below 39 thousand dollars for the first time since last December.

Bitcoin, which was trading at 38 thousand 779 dollars as of 15:35 Turkey time today, has also approached a 10 percent loss in value on a weekly basis.

IT HAD BEEN ON THE RISE

Bitcoin had been on the rise due to expectations that the US Securities and Exchange Commission (SEC) would approve Bitcoin spot ETFs (exchange-traded funds) and open the cryptocurrency to new investors.

Bitcoin has gained approximately 70 percent in value since August 2023.

MARKET ENTRY HAD BEEN FACILITATED

On January 10, the SEC approved exchange-traded funds that directly track the price of Bitcoin. This facilitated the entry of institutional and private investors into the crypto market.

While it is noteworthy that the correction in Bitcoin's price has exceeded 20 percent following said approval, Ethereum, which ranks second in terms of market value, has gained more than 6 percent in the last 24 hours, reaching the 2 thousand 210 dollar level.

News Source: 12punto