Bitcoin held steady on Monday while popular altcoins plunged as the largest cryptocurrency by market cap regained its recent lack of volatility.

The asset was at the time of writing trading for $26,131 per coin, according to CoinGecko, having not budged at all in the past 24 hours. What’s more, it has seen  stayed still over the last seven days.

Bitcoin touched yearly highs of $31,000 per coin after BlackRock, the world’s biggest asset manager, submitted a Bitcoin exchange-traded fund (ETF) application to the U.S. Securities and Exchange Commission in June.

But it experienced a rapid dip 10 days ago after spooked investors decided to pull out following news that Chinese Evergrande Group had filed for Chapter 15 bankruptcy protection in New York. There has also been a general loss of interest due to sluggishness from the SEC to approve the long-awaited product.

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Author: Mathew Di Salvo

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