Barrons.com
Bitcoin Falls. Beware a ‘Notorious’ Correction.
and other cryptocurrencies fell Monday as outflows from the largest spot Bitcoin exchange-traded fund weighed on prices. The price of Bitcoin has dropped 3% over the past 24 hours to $40,500, a far cry from the largest crypto’s recent peak above $48,000, which marked its highest levels since early 2022. Bitcoin spiked to multi-year highs amid a trading frenzy around the U.S. approval of spot Bitcoin ETFs, a long-awaited catalyst that has proven to be a “buy the rumor, sell the news” trend among investors, despite the long-term bull case.