look news india
Mumbai: Major cryptocurrency Bitcoin suffered a major setback in the last 24 hours after an outright rally, falling by more than $7,000 from its all-time high. Bitcoin ETF inflows have seen an 80 percent decline in the last twenty-four hours. Bitcoin witnessed a low of $65,750 and a high of $73,061 in the last twenty-four hours.
Higher than expected inflation in the US created uncertainty about when the Federal Reserve would start cutting interest rates, as well as profit-booking at higher prices, which led to volatility in Bitcoin prices. High interest rates are expected to continue for a long time.
Late in the evening, Bitcoin was trading at $66,700, while another major crypto, Ethereum, was also trading at $3,600. The market cap of cryptocurrencies fell to $2.60 trillion. Even after today's decline, 2024 Bitcoin investors are still missing out on 60 percent returns.
One analyst said the major price correction was driven by a surge in Bitcoin prices following the approval of a Bitcoin spot ETF in January.
Demand for the ETF pushed Bitcoin prices to an all-time high of $73,000 this week.
After being under constant pressure in 2023, Bitcoin is going to see a big upheaval in 2024. After the ETF was approved earlier this year, big Bitcoin players started to move forward.
