Story by: Billy Bambrough
Bitcoin has seen quite a heavy sell-off over the last 30 days but that was preceded by a bull run, leaving the bitcoin price more-or-less flat — and reminding investors to take a wider view of market movements.
Despite hitting highs of almost $7,500 earlier this month, the bitcoin price has dropped back to just over $6,300 today — pretty much exactly where it was some 30 days ago.
There were fears in early September bitcoin, as well as other major cryptocurrencies including ethereum, ripple, and litecoin, were going into freefall as investors panicked over whether the much anticipated institutional money that many have been expecting to be injected into the market will actually appear.
That sudden sell-off now seems to have stabilized — with many still feeling positive a major bitcoin exchange-traded fund (ETF) could be approved this month by the U.S. Securities and Exchange Commission (SEC).
Elsewhere, the New York Stock Exchange’s parent company, Intercontinental Exchange (ICE), plans to roll out a bitcoin ETF as part of its cryptocurrency platform Bakkt and in partnership with coffee chain Starbucks, software giant Microsoft, and Boston Consulting Group in November.