The launch of a highly anticipated spot Bitcoin exchange-traded fund (ETF) next year could lead to the price of the cryptocurrency to drop, a new report suggests. 

Blockchain data firm CryptoQuant said in a report Thursday that the approval of the investment vehicle could be a “sell the news” event as investors are currently sitting on big gains in the run up to the potential launch. 

The Singapore-based company added that this may see the price of Bitcoin plunge to as low as $32,000 per coin. It’s currently priced at $42,539, according to data from CoinGecko. 

“In this context, we argue there are increasing odds that the ETF approval will be a ‘sell the news’ event as Bitcoin market participants are sitting on high unrealized profits,” the report read.

It is expected that the U.S. Securities and Exchange Commission will approve a Bitcoin ETF soon. Bloomberg Intelligence analysts have put the odds of a green li

Go to Source to See Full Article
Author: Mathew Di Salvo

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details