Bitcoin has been trading higher this morning, but things took a dramatic, mysterious turn in the early afternoon. Gains were erased, and the coin plunged below $41,000 to trade around 10% lower on the day. Part of the move has been erased already, with BITCOIN attempting to climb back above $42,000 mark at press time.
Interestingly, the drop was not accompanied by any crypto-related news. Spot Bitcoin ETF is a hot story on the cryptocurrency market right now, with SEC decision being expected as soon as this week. A plunge, therefore, could be driven by insiders, who know the decision already. Nevertheless, this is only a speculation and the move lower could be driven by profit taking, following the recent rally, with the magnitude of the move lower triggering stop losses and adding to pressure.
Source: xStation5
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