ETH - Why Bitcoin Dogecoin and Etherium Fell Today
2024-01-23 21:46:04 ET
Several major cryptocurrencies slumped on Tuesday as investors grappled with the implications over capital inflows to the crypto market following the U.S. Securities and Exchange Commission's (SEC's) landmark approvals of the first spot Bitcoin (CRYPTO: BTC) exchange-traded funds (ETFs) almost two weeks ago on Jan. 10, 2024.
When all was said and done during today's regular trading session, the price of Bitcoin had fallen 2.2%, Ethereum (CRYPTO: ETH) was down 6.4%, and Dogecoin (CRYPTO: DOGE) had declined 5.9%.
The price of Bitcoin, in particular, has declined around 20% from its post-ETF approval highs of around $49,000 as the excitement surrounding the approvals has seemed to wane. That marked a three-year high on Jan. 11, the day after the SEC's formal approval of 11 competing spot Bitcoin ETFs hit the wires.
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Why Bitcoin, Dogecoin, and Etherium Fell Today