Bitcoin plunges ahead of potential spot ETF approval by SEC

Bitcoin ( BTC-USD ) plunged on Wednesday morning, with the digital currency notching a 7.8% decline and falling as low as $41,454. The digital token has since recovered a chunk of its losses but still trades in the red by roughly 5.7% , as it is now hovering near the $42,400 level. The move lower in Bitcoin is not clearly linked to a specific act or event. However, market participants might be hedging against the possibility of a non-approval decision by the U.S. Securities and Exchange Commission of a Spot Bitcoin ETF that is scheduled next week. Despite the leg lower on Wednesday, Bitcoin trades higher by 40.6% over the past 6 months and has also surged 155.7% over the past year. Moreover, Bitcoin’s decline has also brought down other crypto assets such as Ethereum ( ETH-USD ), Cardano ( ADA-USD ), Litecoin ( LTC-USD ), Tether ( USDT-USD ), and Solana ( SOL-USD ). For investors who are tracking the price action of Bitcoin, they can also look to monitor Bitcoin Futures exchange traded funds. Some funds are as follows: ProShares Bitcoin Strategy ETF ( BITO ) Valkyrie Bitcoin and Ether Strategy ETF ( BTF ) VanEck Bitcoin Strategy ETF ( XBTF ) More on Bitcoin Will bitcoin continue its surge in 2024? Where's Bitcoin Going In 2024? Rally Or Retreat? Why This Halving Could Be Different