Bitcoin could continue its decline below the $60,000 psychological mark after the debut of Hong Kong ETFs proved to be a sell-the-news event.
Bitcoin's (BTC) price fell below the $61,000 mark after the first spot Bitcoin exchange-traded funds (ETFs) went live in Hong Kong. Is Bitcoin at risk of going below $60,000 in the next few days?
Bitcoin fell to a weekly low of $60,543 on April 30, a day after the launch of the first batch of spot Bitcoin ETFs in Hong Kong. The world’s first cryptocurrency is down over 7.3% on the weekly and 13% on the monthly chart, according to CoinMarketCap.
The Hong Kong-based ETFs only amassed $12.4 million in trading volume during the first day, which pales compared to the first-day trading volume of U.S. spot Bitcoin ETFs, valued at $4.6 billion.
