Bitcoin falls 9%, dropping below $42K amidst concerns about GBTC flows
Prices fell significantly on Friday despite general optimism around Bitcoin ETFs.
Track crypto price watch updates, sharp market moves, key levels, and fast reactions to breaking developments across digital assets.
Bitcoin posted a modest gain of only 1.35% during the reporting period.
After over a decade of hesitation, the SEC's green light for spot Bitcoin ETFs signals a new era for crypto in mainstream finance.
Bloomberg ETF analyst Eric Balchunas expects the SEC will make the official approval announcement between 4pm to 6pm Eastern Time.
Lee believes that institutional adoption will increase the legitimacy of Bitcoin and attract large-scale investments, boosting demand and, consequently, its price.
Gary Gensler announced on Twitter the SEC account was compromised and the ETFs have NOT been approved yet.
Bitcoin's surge to $47.1k fueled by ETF optimism and a broad cryptocurrency market rally.