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Monday, August 15, 2022

Bitcoin sinks below $60,000 to a 2-week low as enthusiasm following launch of futures ETF subsides | Currency News | Financial and Business News

Bitcoin balloon. Andriy Onufriyenko

  • Bitcoin fell on Wednesday after riding a wave of enthusiasm since last week following the launch of a futures ETF.
  • The cryptocurrency traded below $60,000, lowest intraday price in two weeks, Bloomberg said.
  • Bitcoin is still up more than 30% in the last month.

Bitcoin slipped below $60,000 on Wednesday – its lowest price in two weeks – as investors cash in on the cryptocurrency’s recent rallies to all-time highs.

Investors pushed bitcoin to new all-time highs his month, driven by excitement over the first bitcoin-linked exchange-traded funds launched last week by ProShares. The ProShares Bitcoin Strategy ETF brought in more than half a billion dollars in assets on its launch day alone, and was the fastest ETF to accumulate $1 billion in assets under management.

Investors pushed bitcoin’s price to an all-time high around $67,000 following the launch. Since then, investors have started to take gains, Coindesk reported.

Bitcoin traded at $58,770.34 at 8:24 a.m. ET. That’s the lowest intraday price in two weeks, according to Bloomberg. Bitcoin’s total liquidations surpassed $700 million Tuesday, the highest level since September, according to data from bybt.com. Despite the liquidations, the cryptocurrency is still up 36% over the past 30 days.

The launch of the bitcoin-linked funds has prompted analysts to estimate the cryptocurrency’s price could surge past $100,000 on increasing investor demand.

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