Bitcoin slid 5%, struggling to maintain momentum after a big rally on Monday to start off the month.
As of 21:00 UTC (4 p.m. ET), bitcoin was changing hands just above $47,000 on Coinbase. The largest cryptocurrency is still well off its all-time high price above $58,000 reached late last month.
A combination of factors could have spooked some cryptocurrency traders, leading to last week’s 21% sell-off, the biggest for a seven-day stretch since March 2020.
But there’s also been a steady stream of bullish news:
Speaking to Cboe’s filing, EQUOS head of sales and trading Matt Blom told CoinDesk, “This by no means ensures the floodgates will open, but it is a huge step towards allowing the investing public easy access to the performance of our favorite asset.” As regulators consider the listing, “there will be a long line of competitors to the VanEck bitcoin ETF hoping that the winds of change are officially here,” Blom said.
The bottom line: The market is quiet as it struggles to find direction. Bitcoin has gained 60% year to date. Ether (ETH) has doubled over the same period but today the crypto is down -3.87%.
Digital assets on the CoinDesk 20 are down Tuesday. Notable winners as of 21:00 UTC (4:00 p.m. ET):
