The celebration was abruptly interrupted on Monday as Bitcoin (BTC) dipped 5.8%, erasing a week’s worth of gains for the leading cryptocurrency.
However, the BTC/USDT pair made a partial comeback this morning, rising 1.4% to $41,889.32, a change of -0.92% over the past 24 hours as of 9:17 a.m.
Bitcoin’s unpredictable nature caused turmoil in the futures market, with a shocking $130 million in long positions liquidated on Monday, marking the highest in at least three months.
Perpetual funding rates have decreased, indicating a slowdown in Bitcoin’s recent impressive bull run.
Yet, Bitcoin’s spot price continues to surge, having increased over 150% since the beginning of the year, buoyed by the anticipation of US-regulated exchange-traded funds (ETFs).
While some experts argue that the potential impact of these ETFs, which will offer mainstream investors a gateway to the Bitcoin market, is already reflected in Bitcoin’s current price, others believe that their eventual approval could significantly boost spot prices.
Next April is set to bring the next Bitcoin halving event, where the creation rate of new Bitcoins will be halved, potentially providing another boost to its value.
