Bitcoin fell Monday as investors took profits after its December rally. The price of the cryptocurrency was recently lower by more than 7% at $40,887.81, according to Coinbase, after a big drop Sunday night that at one point took it as low as $40,300. Bitcoin topped $44,000 last week and traded just below that level throughout the weekend. Meanwhile, ether fell 7% Monday to $2,202.92. Solana’s SOL token was down 7% as well while Ripple’s XRP fell about 8%. According to Coin Metrics, bitcoin and ether are on pace for their worst days since Aug. 18 and March 9, respectively. Crypto equities were dragged down, too. Coinbase fell about 5%, while MicroStrategy lost 7%. Bitcoin miners dropped double digits, with Riot Platforms and Marathon Digital, the largest mining stocks, lower by 11% and 12%, respectively. Wall Street favorites CleanSpark and Iris Energy were down nearly 15% and 14%, respectively. The moves come after a 12% advance for bitcoin in December, according to Coin Metrics, as expectations grew that the U.S. Securities and Exchange Commission could approve the first spot bitcoin exchange-traded fund in early January. Galaxy Digital estimates the addressable market size of a U.S. bitcoin ETF to be about $14 trillion in the first year after a launch, growing to about $26 trillion in the second year.
Bitcoin Slides 7% To Under $41,000 In Volatile Trading Following Early December Rally – WorldNewsEra
