News - Crypto market takes plunge

By Mike Hesp

Crypto market takes plunge

Profit-taking is dominating the daily business of the crypto market. As prices fall, a new opportunity for Bitcoin ETFs.

Prices in the crypto market are back in reverse gear after some significant increases in recent days.

Compared to the previous day, total market capitalization fell 2.4 percent to a current $1.4 trillion.

Bitcoin fell three percent to $36,400 after reaching a new high for the year. The second-largest cryptocurrency, Ethereum, fell 3.6 percent to just under $2,000.

Of the 10 largest cryptocurrencies based on market capitalization, Solana recorded the largest decline: about 13 percent.

Today closes another window for Bitcoin Spot admission ETF in the US. The SEC's decision is expected later today.

In total, there are twelve permit applications, including that of Blackrock, filed with the U.S. Securities and Exchange Commission. A decision will be made today on Hashdex's and Franklin's applications. A decision on Global X's application will be made next Tuesday.

The market could take a breather if the deadlines are extended again. The next and final decision on Ark Invest's application is expected on Jan. 10.

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