Bitcoin update price BTC and crypto drops again due to

Bitcoin lunch: price BTC and crypto lower. What now and Dutch ETF

It’s lunch time again so we look at the live Bitcoin price and the prices of the top 25 crypto that are falling sharply. Then we look at the causes and the launch of a Dutch ETF. Finally, we analyze what to expect next.

We start of course with the live Bitcoin price and the prices of the top 25 crypto.

Live Bitcoin price dips below $20,000 – also top 25 crypto prices crash

At the time of writing, the live Bitcoin price is quoting EUR 18,079.91 ($19,077.04). This is 4.97% lower than during our Bitcoin lunch yesterday.

The prices of the top 25 crypto are also falling rapidly. Besides some stable coins, only Leo Token (LEO) is posting a positive result with +3.07%. The biggest loss is currently with -18,29% for Polygon (MATIC). On the site of you can analyze all live crypto prices.

Why is the Bitcoin price falling?

The Bitcoin price is falling fast. According to experts, this has everything to do with the fact that last night the SEC rejected Grayscale’s application for a US Bitcoin spot ETF. After the approval last year of a Bitcoin Futures ETF and the positive reaction of the markets and price increase, the hope was that the SEC would now approve a BTC Spot ETF. This, according to analysts, would be the development that could turn sentiment around. However, this proved not to be the case.

The SEC uses the argument that market manipulation lurks and that buyers are insufficiently protected. These seem fairly structural arguments. This also dashes the hope that a BTC spot ETF will be approved in the short term. The fact that the price subsequently dropped through the important $20,000 threshold made sentiment more negative.

Incidentally, Grayscale, which had previously announced that it was prepared for anything, announced within an hour of the SEC’s decision that it would begin proceedings against the regulator. Of course, a positive outcome may come out of this, but in the short term, the decision creates uncertainty. There is also the question of how the SEC will deal with future applications now that this one is under adjudication.

First European BTC spot ETF launched in the Netherlands

By the way, Bitcoin spot ETFs can be bought outside America. In fact, on the Dutch Euronext the company Jacobi Asset Management launches the first European Bitcoin (spot) ETF. You can read the entire press release here.

The ETF has legal approval from the Guernsey Financial Services Commission (GFSC) since October 2021. So, after preparation, the Bitcoin ETF will be tradable on Euronext under the ticker BCOIN from July. The realization takes place through a collaboration with partners Fidelity Digital Assets and Flow Traders. The management fee amounts to 1.5% per year.

As we can see, the Bitcoin ETF is a hot item for crypto investors, yet there is also a lot of ambiguity. Our colleagues at previously explained in detail all the details surrounding the BTC ETF.

Which exchange rates are important for the Bitcoin price now?

Naturally, eyes are on the psychologically important $20,000 threshold. Now that this has been negatively broken through, one expects a further price drop. The top of the 2017 bull rally (between $19,000 and $19,300) is seen as the last line of defense.

The good news in this regard is that it was briefly broken negatively this morning, but prices quickly moved back above $19,000.00. If the US investors do not manage to hold that price line, a price drop to $13,000 may occur. You can see this in the analysis below.

Other analysts are less optimistic and expect that the Bitcoin price could even fall to $10,000.00.

A consolidation scenario between $ 19,000.- and $ 21,000.- seems to be the most positively feasible at the moment, but a bearish development with price drop seems more realistic. We deduce this from the behavior of the large crypto owners (the so-called whales). They are not buying up at the moment and are evidently waiting for a more favorable opportunity (read lower price).

Want to stay informed about the latest price developments?

You can always follow the developments yourself with our WANT crypto analyses or the background articles and previews on the crypto market and Bitcoin. Of course, you can also follow the live quotes 24 hours a day if you want to stay informed in real time. Are you interested in other investments besides crypto? Then our weekly Monday morning price forecast might be a reading tip. “Please note: We never give financial advice, so our contributions can’t be interpreted that way either. Always do your own research and decide on rational grounds if, when, what and how much you want to invest in.”

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