Bitcoin Reverses Course Ahead of Eagerly Awaited ETF Decision
- More than $600 million in crypto positions were liquidated
- Bitcoin had reached $45,000 for the first time in 21 months
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A slump in Bitcoin on Wednesday saw the cryptocurrency erase almost all gains it had made in the first days of this year, bucking a long-running upswing that outperformed a global malaise in traditional assets.
The world’s largest token fell as much as 9.2% to dip briefly below $41,000 shortly after 7 a.m. in New York, a day after the digital asset had topped the $45,000 mark in a 21-month high. Wednesday’s price swings are the largest in more than two months. The volatility also spilled over into crypto-linked stocks, with shares in the US crypto exchange Coinbase Global Inc. falling as much as 8.1% before paring the decline.