Bitcoin price tumbles despite positive ETF news continuing to mount
Bitcoin, the world's largest cryptocurrency by total market capitalisation, has been on the receiving end of a lot of volatility over the past week, with the asset dipping from an all-time high of AUD$90,000 (USD$67,280 ) on 20 October to just over AUD$81,000 at press time. Currently, BTC is trading at a price point of AUD$81,800.
It is interesting to note that the ongoing decline comes despite a new ETF – VanEck's Bitcoin Strategy ETF (XBTF) – making its way into the market, suggesting that more institutional involvement may be on the way. In fact, just last week when it was announced ProShares' BTC ETF was all set for release, the currency rallied heavily, taking its value well above the all-important USD$60,000 resistance.
That being said, popular independent analyst, Rekt Capital, believes that as long as BTC is able to hover above the aforementioned price threshold, there is no need for any investor panic.
On the other hand, there are also analysts who believe that as long as Bitcoin does not dip below the USD$50,000 range, the currency will be able to maintain its overall bullish trajectory.
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