Bitcoin retreats as part of the correction

by in Cryptocurrency News


On the eve of Bitcoin (BTC), short-term soared in the price above $ 62,000. However, on Monday evening, the coin again went down. The correction returned to the market. It was inevitable, as the situation escalated to the limit on the eve of the launch of Bitcoin ETF futures.

As a reminder, this product will become available to institutional investors on October 19 on the New York Stock Exchange. The week started aggressively, as the media initially announced the emergence of a futures ETF on Monday.

As soon as it became known about the time shift, the market gradually found itself in a phase of correction. As a result, not only bitcoin dropped in price, but almost all leading altcoins.

On Tuesday night, the BTC rate fell to $ 61,192. Ether (ETH) and Binance Coin (BNB) fell to $ 3738 and 482, respectively.

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Only Dogecoin (DOGE) from the top ten digital currencies showed impressive growth again. The price of this coin increased by more than 9% to $ 0.251. Market capitalization is now just over $ 2.463 trillion.

Experts predict a resumption of the rally during European trading. The emergence of bitcoin ETF futures will be a landmark event for the entire cryptocurrency industry, as institutional investors get another channel to enter the digital asset market.

Analysts at WhaleMap found that after the morning breakthrough, traders switched to profit-taking. However, its scale turned out to be insignificant, and it is not able to break the positive trend. Therefore, experts believe that the rise of cryptocurrency will continue in the coming days.