Cryptocurrency prices plummeted today as Bitcoin slipped from its all-time high it had hit two days ago after the debut of the first US bitcoin futures exchange-traded fund. The price of Bitcoin by market valuation was trading 4 percent lower at USD62,740.
Similarly, another Cryptocurrency ETHER, linked to ethereum blockchain and the second-largest crypto, was down over 2 percent to USD 4,112, as per CoinDesk. Cardano prices declined nearly 3 percent to USD 2.16 whereas dogecoin also slipped 3 percent to USD 0.24. Other digital tokens like Shiba Inu, Binance Coin, Litecoin, Uniswap, XRP were also trading with cuts over the last 24 hours, though, Solana was up over 10 percent.
Bitcoin on Wednesday went up to a record high of USD 66,974, the recent rally came after six-months from its previous top of USD 64,895, fueled by the debut of the ProShares Bitcoin Strategy ETF. Investors have bet the long-awaited launch of bitcoin ETFs will lead to greater investment from both retail and institutional investors.
The Exchange Traded Fund (ETF) doesn’t invest directly in Bitcoin. It instead invests in the futures market tied to Bitcoin. Someone with an old-school brokerage account can buy the ETF, for example, without having to open a trading account for crypto.