Bitcoin Drops 6.3% and Drags Ethereum and Dogecoin Down With It
The approval of a Bitcoin (CRYPTO: BTC) ETF was supposed to bring billions of dollars into the crypto industry, but in typical fashion, investors bought the rumor and sold the news. As of 2:30 p.m. ET, Bitcoin is down 6.3% in the last 24 hours, and the selling accelerated early this morning.
Ethereum (CRYPTO: ETH) has rallied the last few days but dropped 3.7% between 10 a.m. ET and 2:30 p.m. ET. Dogecoin (CRYPTO: DOGE) plunged 3.9% in just the last few hours as well.
The Bitcoin ETF approval was months in the making, and when these ETFs were announced on Wednesday, Jan. 10, the market started to sell off. A lot of traders had bought in anticipation of the ETFs (buying the rumor) and then began selling when there was no longer a catalyst to count on in the future (sell the news).
Source Fool.com
