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- Speculations have risen in the cryptocurrency space following extraordinary price declines recorded in the broad crypto market on Monday.
- According to Michaël van de Poppe, one of the most renowned crypto market analysts, the reason for the suffering of altcoins today is the upcoming Bitcoin ETF week.
- The chaos in the prices of some of the most famous cryptocurrencies like ETH, XRP, and SOL, caused by the price drop, could be a sign of market sentiments leaning towards the approval of the Bitcoin ETF.
As updates for Spot Bitcoin ETFs are being made, selling pressure is observed in altcoin prices: What will happen now?
Bitcoin ETFs Could Put Pressure on Altcoins
Speculations have risen in the cryptocurrency space following extraordinary price declines recorded in the broad crypto market on Monday. Notably, the major cryptocurrencies of today traded in the red, leading to various interpretations among crypto market traders and investors.
Interestingly, a well-known crypto market analyst drew attention to the fluctuations occurring in the context of Bitcoin ETF approval by focusing more on today’s crypto market landscape. Meanwhile, the price chart of Bitcoin gained significant attention worldwide today, displaying notable volatility.
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According to Michaël van de Poppe, one of the most renowned crypto market analysts, the reason for the suffering of altcoins today is the upcoming Bitcoin ETF week. He also emphasizes that the phenomenon of price decline is occurring as a typical event, noting that the focus is primarily shifting to Bitcoin.
However, according to Poppe, after the ETF, momentum will likely return to altcoins. At the same time, he highlights the current market dynamics of Bitcoin, stating that the range is defined for the token. Additionally, Poppe suggests buying Bitcoin at 10% drops and selling between $48,000 and $51,000. Furthermore, the chaos caused by the price drop in some of the most famous cryptocurrencies like ETH, XRP, and SOL could be a sign of market sentiments leaning towards the approval of the Bitcoin ETF.
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Current Status of Bitcoin Price
As of writing, the Bitcoin price chart has shown a 1.6% increase in the last 24 hours and is currently trading at $45,040. However, its weekly price has increased by 5.55%. Additionally, the price chart of Bitcoin exhibited extraordinary price fluctuations today, leading to cryptocurrencies briefly trading in the green. Meanwhile, with the Bitcoin ETF week approaching, the volatility revolving around BTC is mostly anticipated.
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