04.01.2024 18:27
Total value of cryptocurrency market up 3.1% to $1.67T after major selloff.
Bitcoin rebounded Thursday from previous day's steep decline and managed to climb over $43,000 again.
Price of Bitcoin was trading around $43,904 at 10.18 a.m. EDT for a daily gain of 3.3%. The world's biggest cryptocurrency on Tuesday surpassed the $45,000 level, its highest level since April 2022, before a major selloff on Wednesday.
Total value of the cryptocurrency market was up 2.8% to $1.67 trillion at the time, according to data from CoinMarketCap, a digital asset price-tracking website.
Bitcoin saw its price plummeting around 7% on Wednesday amid a report that US regulators may reject spot Bitcoin exchange-traded funds (ETFs) this month.
"From a political perspective, there is no reason to approve a Bitcoin Spot ETF that would legitimize Bitcoin as an alternative store of value," said the report by Matrixport, a financial service providing firm. "SEC Chair Gensler is not embracing crypto in the US, and it might even be a very long shot to expect that he would vote to approve Bitcoin Spot ETFs," said the report.
Some analysts, however, believe that the reason behind the sudden price decline in Bitcoin and cryptocurrencies on Wednesday was a correction and a brief pullback during the bull market cycle, noting that the crypto market is highly volatile. -