Over the last 24 hours, the world’s flagship cryptocurrency plunged by 4.20%, dropping from $69,920 to the $66,980 price mark. However, a rebound that followed took it back up 1.70%. At the time of this writing, digital gold changes hands at $68,180 on the Bitstamp exchange.
It was while Bitcoin dropped below the $67,000 level that whales decided to buy the dip and scooped up as much as 20,000 BTC. This amount of the leading digital currency is valued at a staggering $1.34 billion in fiat.
Bitcoin price plunge coincided with the approval of the Ethereum spot ETFs issued by the Securities and Exchange Commission on Thursday. These Ethereum exchange-traded funds got approved half a year later after the spot Bitcoin ETFs (they got a green light by the regulator in January).
However, experts believe that the demand on the spot Ethereum ETFs will be not as strong as for the Bitcoin exchange-traded product.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
