Bitcoin dropped by almost 8% per day

It seems that the «buy on rumors, sell on news» rule worked this time as well — bitcoin’s rate dropped to $ 41,500, although two days ago, the price of BTC reached $ 49,000.

Analysts attribute the drop in the first cryptocurrency’s rate to the weak interest in the recently launched US spot ETFs on bitcoin. On the second day after the launch, the trading volume of shares of such funds amounted to $ 3.1 billion. The fall in bitcoin’s exchange rate led to a drop in the entire market.

Thus, the first cryptocurrency fell to $ 41,500 (-7.5%), while the main altcoins recorded a drop of about 3.5%. The volume of liquidations of traders' margin positions over the past day amounted to $ 373.6 million, of which 80% were purchases.

Despite the short-term pressure from the bears, most analysts remain positive about the medium-term prospects for BTC.

This may be facilitated by the inflow of funds from institutional investors into ETFs, despite not much interest at the beginning, as well as the next bitcoin halving expected in 3 months. All this will lead to a decrease in the number of available bitcoins on the market, and thus to an increase in the price.

At the time of publication, the price of the first cryptocurrency has recovered slightly and the BTC coin is trading at around 42 and 43 thousand dollars per 1 bitcoin.