By Dana Sanchez
The price of Bitcoin fell below $60,000 on Wednesday as euphoria dissipated over the first-ever Bitcoin-linked exchange-traded fund (ETF) and traders sold their assets after the world’s No. 1 cryptocurrency hit an all-time high a week earlier.
About $800 million worth of leveraged positions were liquidated at crypto exchanges — the most since Sept. 20, according to data from crypto futures trading platform Bybt.com.
The world’s largest cryptocurrency was trading at $58,883.48 after reaching almost $67,000 last week. Ethereum fell from a record $4,300 to $4,000. Dogecoin fell more than 10 percent and Solana fell more than 8 percent. Cardano lost 11.5 percent, according to Coinmarketcap.com. Some smaller “alt” coins got hit hardest.
Analysts said that speculators are cutting back on positions after enthusiasm over the launch of the first U.S. Bitcoin ETF pushed prices to record highs, according to a Bloomberg report.
Traders often sell their assets when Bitcoin and other cryptos reach record highs, iNews reported.