• Bitcoin crashed to a two-month low of $25,300.
• Many altcoins have been more negatively impacted than BTC, including Ripple’s XRP, LTC, BCH, and XLM.
• Positive news on Tuesday with the listing of the first spot Bitcoin ETF on Euronext Amsterdam was not enough to sustain an upward trend in bitcoin prices.
Bitcoin Price Drops to Two-Month Low
Bitcoin’s nosedive continued in the past 24 hours with a flash crash on several exchanges which pushed it to a new two-month low of $25,300.
Altcoins Perform Even Worse
Aside from Ripple’s XRP (which has dumped by 15%), other altcoins have also had it worse than BTC including Litecoin (LTC), Bitcoin Cash (BCH), and Stellar Lumens (XLM).
Positive News Fails To Sustain Uptrend
On Tuesday positive news followed with the listing of the first spot Bitcoin ETF on Euronext Amsterdam but this seemed to be a sell-the-moment event as instead of heading further south, bitcoin started losing ground and by Thursday was already below $29000.
The cryptocurrency market is volatile and unpredictable with prices fluctuating rapidly even within 24 hours. Investors are advised to remain vigilant and keep track of all market developments in order to make informed decisions when trading digital assets.
Although many cryptocurrencies have seen their value drop in recent days due to market volatility, there is still strong potential for growth as more institutional investors enter the space and more regulations are put into place which could bring about greater stability.