A tidal wave of speculations surged across the cryptocurrency landscape on Monday following phenomenal price drops noted by the broader crypto market amid growing apprehensions of Bitcoin ETF approval. Notably, falling in line with this, the most prominent cryptocurrencies today traded in the red, fueling inferences among crypto market traders and investors.
Intriguingly, a well-known crypto market analyst further cracked down on today’s crypto market terrain, garnering market attention to the turbulence witnessed by altcoins amid Bitcoin ETF approval. Meanwhile, Bitcoin’s price chart today showcased noteworthy volatility, amassing substantial attention globally.
Bitcoin ETF’s Impact On Altcoins
According to one of the most renowned crypto market analysts, Miachaël van de Poppe, the primary reason for altcoins’ suffering today is the forthcoming Bitcoin ETF week. Furthermore, he stresses how the price drop phenomenon comes as a typical occurrence, as the focus is primarily gravitating towards Bitcoin.
However, subsequent to the ETF, momentum will potentially return back to altcoins, as per Poppe. Simultaneously, he also spotlighted Bitcoin’s cyrrent market dynamics, proclaiming that the range remains defined for the token. Additionally, Poppe slates buying Bitcoin at 10%+ dips and selling at $48-51K.
Furthermore, the turmoil curated by the price dip in some of the most eminent cryptocurrencies, including ETH, XRP, and SOL, among many others, potentially hints toward market sentiments skewing toward Bitcoin ETF approval.
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Bitcoin Price Flux: Report
As of writing, the Bitcoin price chart showcased a marginal drop of 0.43% over the past 24 hours and is currently trading at $43,772.30. However, its weekly price jumped 2.58%, accompanied by a monthly upswing of 1.38%.
Moreover, the token’s chart showcased phenomenal price fluxes today, with Bitcoin trading in the green briefly. Simultaneously, as the Bitcoin ETF week nears, volatility orbiting BTC is predominantly expected.
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