Bitcoin rally falters as crypto pulls back yet again
Top cryptocurrency prices faltered on Monday, pulling back from an extended upward run.
Bitcoin (BTC-USD) fell more than 1% in early trade in London, still hovering above $30,000 to settle at around $30,300 (£23,802).
Bitcoin had peaked at around $31,300 on Friday as news broke that Volatility Shares will launch its 2x Bitcoin Strategy ETF on Tuesday.
The fund will not directly invest in bitcoin but seek to “benefit from increases in the price of Bitcoin Futures Contracts”.
Read more: Crypto live prices
Ether (ETH-USD) also fell 1.3% to trade at around $1,180.
Meanwhile, the global cryptocurrency market cap sits at $1.22tn, a drop of 1% change in the last 24 hours and down 23.77% compared to a year ago, according to data provider CoinGecko.
Bitcoin had seen an extended period in the doldrums following multiple high profile industry bankruptcies and SEC action against major exchanges including Coinbase (COIN) and Binance. A spike in interest from traditional financial players spurred on a recovery over the last few weeks.
It was announced last week that Fidelity Digital Assets, Charles Schwab (SCHW) and market maker Citadel Securities had teamed up to launch EDX Markets, offering trading on bitcoin, ether and other digital assets.
Meanwhile, over the last two weeks, the world's largest asset manager Blackrock (BLK), WisdomTree and Invesco (IVR) also filed to offer spot bitcoin ETFs — a vehicle the SEC has so far resisted allowing.
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