What caused the Bitcoin (BTC) dump post ETF approval? Is it time to look towards Ethereum (ETH) and Retik Finance?
In a recent unforeseen turn of events, Bitcoin (BTC) experienced a dramatic fluctuation in its price, prompting a market-wide reevaluation and a shift of focus towards Ethereum (ETH) and Retik Finance.
The cause of the turmoil was a social media post by the U.S. Securities and Exchange Commission (SEC) regarding the approval of a spot Bitcoin exchange-traded fund (ETF). The crypto community initially met the news with elation, leading to a 2.5% surge in Bitcoin’s price to $47,900. This spike was short-lived, however, as the information proved to be false – the result of the SEC’s account being compromised. Once this was realised, Bitcoin’s price plummeted by nearly 6% to $45,100 before later declining more to $42,816 as of writing, leaving investors in a state of confusion and uncertainty. This incident raised concerns about Bitcoin’s price stability and its susceptibility to market manipulation based on unverified news. Asgard Markets’ co-founder Alex Krüger commented that this volatility indicates Bitcoin might not rally as much as anticipated, even if a real ETF approval occurs. However, if you are looking for significant gains, now might be the time to look towards Ethereum (ETH) and Retik Finance (RETIK).
Amidst the Bitcoin turbulence, Ethereum emerged as a more stable investment choice. As the second-largest cryptocurrency, ETH experienced a 5% increase in value, reaching $2,653.8 – its highest since May 2022. This surge was fueled by expectations that Ethereum-based ETFs might be next in line for approval. The growing interest in Ethereum can be attributed to its robust blockchain network and its recent transition to a Proof-of-Stake consensus mechanism. This transition not only improves the network’s
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