The crypto sector witnessed some of the largest cryptocurrencies, Bitcoin, Ethereum, and Dogecoin slip, whereas SHIBA INU surges 17%.
Bitcoin prices fell below $61,000, with the world’s crypto giant by market capitalization trading at $60,935, down more than 3%. The biggest cryptocurrency has gained 109% year-to-date and previously reached new all-time highs.
This happened also to Ether, the second-biggest crypto and the unit connected to ETH blockchain, which fell over 1% to $4,158.
SHIBA INU, on the other hand, was up almost 17 percent to $0.00004843, as reported by CoinGecko.
The first Bitcoin ETF, also known as ProShares Bitcoin ETF (BITO), was launched in the US and began trading what resulted in crypto funds receiving inflows of $1.47 billion last week, the highest on record, as reported by CoinShares.
Last week, Bitcoin received 99% of all inflows, totaling $1.45 billion. Moreover, last year’s record of $6.7 billion is now surpassed by this year’s inflows at $8 billion.
For the third week in a row, Ethereum witnessed $1.4 million in outflows. As the price approaches an all-time high, this is little profit-taking, according to the digital asset manager, CoinShares.
In other developments, Robinhood Markets’ stock dipped below its initial public offering price in after-hours trading on Tuesday. This happened after the retail broker announced lower-than-expected third-quarter revenue as trading volumes for cryptocurrencies such as Dogecoin decreased.
Bitcoin surged to a new high of $66,974 last week, following a six-month decline from its previous high of $64,895. The recent rally resulted from the launch of the ProShares Bitcoin Strategy ETF.