Bitcoin extends decline to 9%

Bitcoin has now erased most of last week’s gain.

Prices of bitcoin have dropped 8.9%, or $4000 today to $40,550. The selling started in Asia without a catalyst and has continued today. Some eyes were on long options bets that were liquidated.

A bitcoin spot ETF is a sure thing in my mind but there has been no news on that front besides a few preliminary tickers, like $HODL. It looks like the SEC will approve them all at once sometime early in January but that’s a highly speculative timeline.

The drop in bitcoin this week comes with declines in gold and rally in the US dollar and climbing Treasury yields. The theme is that the Fed may not cut as much as previously thought, delaying a return to the days of easy money. The shift came after a strong US jobs report on Friday that showed the unemployment rate down to 3.7% from 3.9%.

This article was written by Adam Button at Source