Posted 1/3/2024, 1:14:00 PM
Bitcoin and Crypto Stocks Drop Ahead of Expected Bitcoin ETF Approvals
- Bitcoin and crypto stocks dropped ahead of expected spot bitcoin ETF approvals around Jan. 10.
- Bitcoin price tumbled 6% to $42,700; Coinbase stock fell 6.4%; Marathon Digital stock dropped 8.2%.
- The moves lower come as traders expect the SEC to approve a wave of spot bitcoin ETFs.
- Institutional investors are expected to more readily participate in the crypto market after spot bitcoin ETF approvals.
- At the end of 2022, bitcoin was trading around $43,000, rebounding 158% in 2023 from $27,000 at end of September.