Bitcoin is back below $39,000 after hitting a three-year high of $49,000 on January 11
Bitcoin has fallen by more than a fifth since its peak earlier this month.
The crypto currency hit a three-year high of $49,000 on January 11 after US regulators approved so-called exchange traded funds (ETF) linked to bitcoin.
But it traded back below $39,000 yesterday – down more than 20 per cent in less than two weeks – as traders who had bought in expectation of approval sold and pocketed their profits. It is at its lowest level since early December.
Although there was much excitement about the launch of bitcoin ETFs in the US, the response has been underwhelming, underlining the volatility of crypto currencies.
Bitcoin peaked at $69,000 in November 2021 but had tumbled to $16,000 by December 2022 amid the collapse of the FTX exchange in a giant fraud that rocked the industry.
Approving the ETFs this month, Gary Gensler, boss of the Securities and Exchange Commission, made his feelings on bitcoin quite clear.
‘We did not approve or endorse bitcoin,’ he said.
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