Bitcoin (BTC-USD) prices are tumbling after rallying above $45,000 on Tuesday, 2024's first trading day. This comes a week ahead of the Securities and Exchange Commission's (SEC) decision on whether to approve a spot bitcoin ETF.
From the New York Stock Exchange, Yahoo Finance Reporter Madison Mills examines faltering cryptocurrency values ahead of the SEC's January 10 deadline.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Editor's note: This article was written by Luke Carberry Mogan.
Video Transcript
MYLES UDLAND: Madison Mills live on the floor of the New York Stock Exchange. Mady, Jared talked a lot about what's happening in the equity market. But the big moves today really happening over in the crypto market.
MADISON MILLS: Yeah, Myles, Bitcoin just absolutely puking, as I like to say this morning. If you take a look at Bitcoin tied to the US dollar, totally erasing some of those gains so far, taking out about $45,000 this morning. Prices tumbling by the most on an intraday basis since back in March. Now this is, of course, ahead of the SEC's January 10th deadline to decide on a spot, Bitcoin, ETF. So that anticipation of that upcoming event might be part of this. We could be seeing heading into that day maybe buy the rumor, sell the news event as we get closer.
But it doesn't look like that's what we're seeing today. Just to run through a couple specifics here. Bitcoin USD down 7.5%. Ethereum down 7.8% this morning. And we are seeing an uptick in volume if I take a look at the data on the Yahoo Finance platform right now. Again though, I do want to anticipate a little bit of potential bullishness to come for Bitcoin. Bitcoin has rallied in seven of the eight past February's. And that seven of the eight past years in February rather.
And that is because of potentially some of the bonuses that folks get in February, able to put that money towards a little bit of asset, diversification, and putting that money towards a commodity like Bitcoin as opposed to some of the more traditional asset classes. So we could see that coming up in February. But again, I think all eyes in the cryptocurrency space are on that upcoming SEC decision and whether or not we're going to see approval of that spot Bitcoin ETF to come. And that's part of why we've seen a lot of inflows into this space.
Maybe seeing a little bit of outflows today due to just the sheer amount of inflows that we've seen into cryptocurrency, guys.
SEANA SMITH: Yeah, certainly been pretty astounding to watch there. Mady Mills, thanks so much for giving us the latest there from the floor of the New York Stock Exchange.
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Bitcoin reverses course after opening 2024 above $45,000 - Yahoo Finance
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