Bitcoin experienced an acute drop to $58,851.20 on Wednesday, 3:00 AM EST. Nonetheless, the downhill trend of one of the world’s largest assets has not created any form of market panic amongst investors. Thus, cryptocurrency investors are optimistic that the price of bitcoin will increase.
The crypto market, after the sudden rise of Bitcoin in the last couple of weeks, anticipated a withdrawal as a result of the institution of the very first Bitcoin Future ETF, The ProShare Bitcoin Futures ETF.
Likewise, the action of the Chicago Mercantile Exchange to list Bitcoin Futures in 2017 and Coin base in April instigated an efficacious response from the market, with several cryptocurrency specialists yearning to see what bitcoin’s next action will be.
After several cryptocurrency fierce rises, a fall in the price of these assets has followed. Concurrently, the crypto-assets drop has been correlated to the growth of Shiba Inu meme coin. According to data from CoinGecko, Shiba meme coin has increased by 28%.
Bitcoin and Commodities
Bitcoin is attempting to move ahead of Gold in the global asset market. As of today, the market capitalization of Bitcoins is valued at $1,113,647,208,637.
With the current ascending trajectory of Bitcoin, its value could be at par with Gold in the nearest future, Similarly Silver now faces competition in the market with Bitcoin.
In terms of inflow of funds, Bitcoin inflow is estimated at $8 billion, according to data from CoinShares. With respect to all new inflow entered last week Bitcoin’s percentage contribution was 99%.