According to CoinDesk, the Bitcoin price recorded at 7:24 am on August 23 reached 26,092 USD/Bitcoin, down 0.07% compared to 24 hours ago. During the day, the Bitcoin price traded between nearly $26,300 and $26,000.
The market capitalization was $1.053 billion, down 0.56% from 24 hours ago.
James Butterfill, head of research at wealth management firm CoinShares, said the recent slump in US bitcoin exchange-traded funds (ETFs) may be responsible for the drop in bitcoin prices.
“June’s spike, triggered by BlackRock’s Bitcoin ETF listing application, has resulted in a significant surge in the Bitcoin price. Notably, bitcoin prices have since stabilized at levels observed prior to this announcement,” Butterfill said. As reported by CoinShares, low Bitcoin volume and volatility, rising US Treasury yields and concerns about China's "sick" economy have all contributed to Bitcoin's plunge. The outlook for the market in the coming months is one of mixed opportunity and challenge. Many expect the US Federal Reserve (Fed) not to raise rates in September. The Fed's dovish policy changes could improve Bitcoin's recovery prospects.
"Meanwhile, investors are eagerly awaiting the SEC's decision on the Grayscale ETF and BlackRock filings in September. Many believe that decisions on both applications may be postponed, which could lead to investor dissatisfaction,” said CoinShares experts.
The market capitalization was $1.053 billion, down 0.56% from 24 hours ago.
James Butterfill, head of research at wealth management firm CoinShares, said the recent slump in US bitcoin exchange-traded funds (ETFs) may be responsible for the drop in bitcoin prices.
“June’s spike, triggered by BlackRock’s Bitcoin ETF listing application, has resulted in a significant surge in the Bitcoin price. Notably, bitcoin prices have since stabilized at levels observed prior to this announcement,” Butterfill said. As reported by CoinShares, low Bitcoin volume and volatility, rising US Treasury yields and concerns about China's "sick" economy have all contributed to Bitcoin's plunge. The outlook for the market in the coming months is one of mixed opportunity and challenge. Many expect the US Federal Reserve (Fed) not to raise rates in September. The Fed's dovish policy changes could improve Bitcoin's recovery prospects.
"Meanwhile, investors are eagerly awaiting the SEC's decision on the Grayscale ETF and BlackRock filings in September. Many believe that decisions on both applications may be postponed, which could lead to investor dissatisfaction,” said CoinShares experts.
