Bitcoin Drops 5% on ETF Rumors; Fades New Year Rally

Bitcoin Price Retreats After New Years Surge

The price of bitcoin experienced a downward trend on Wednesday, retreating 5% from its recent high following a surge at the start of the year. This decline comes as a slight dampener to the optimism driven by expectations of regulatory approval for bitcoin exchange-traded funds (ETFs). It is worth noting that bitcoin had reached $45,000 on Tuesday, a level not seen since April 2022. However, the anticipation of SEC approval for spot-bitcoin ETFs has been a driving force behind the rise in bitcoin’s price.