Bitcoin extended its recent losses on Monday. The price of the oldest and best-known digital currency briefly fell below $40,000 on the trading platform Bitfinex for the first time since early December. Bitcoin was last quoted at $40,143.
Bitcoin has been under pressure for almost two weeks. At the time, the US Securities and Exchange Commission (SEC) had cleared the way for such exchange-traded Bitcoin funds that invest directly in Bitcoins (Bitcoin spot ETFs). However, the decision did not give the digital currency the price increase that experts expected, but rather put pressure on it.
One reason given was that investors had already expected the SEC’s positive vote and had raised the price accordingly in advance. After the decision was announced, investors took advantage.
It was also stated that regulators can now keep a closer eye on Bitcoin than before. Thanks to the SEC’s decision, retail investors can now invest in the digital currency more easily, at least in the US.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
