Bitcoin drops more than 5% as ETF fever subsides a week after hitting record high

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In this photo illustration, a visual representation of the Bitcoin digital cryptocurrency (BTC) is laid out on a printed circuit board of a hard drive.

Yuriko Nakao | Getty Images

The price of bitcoin fell more than 5% on Wednesday morning as long-term holders took some of their profits a week after the cryptocurrency hit an all-time high.

Bitcoin fell sharply around 3 a.m. EST and last traded at $ 58,851.20, according to Coin Metrics. The price of ether fell almost 4% to $ 4,008.38.

The downward movement might not come as a surprise to investors, some of whom expected a slight pullback after the market rallied behind bitcoin amid excitement over the launch of ProShares’ first bitcoin futures ETF. last week.

Likewise, the cryptocurrency also sold off when the Chicago Mercantile Exchange listed bitcoin futures in December 2017 and when Coinbase was listed on Nasdaq in April.

It remains to be seen if bitcoin will drop that much this time around or if it will take that long to recover, however.

The drop coincides with a rise in a new memecoin, the dogecoin spin-off shiba inu, which has jumped 28% in the past 24 hours, according to data from CoinGecko.

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