Bitcoin (BTC) prices fell significantly on Jan. 12 as Bitcoin ETFs headed into the weekend after their first two days of trading on U.S. markets.
The price of Bitcoin fell as low as $41,730 at 10:25 p.m. UTC on Friday, marking a 24-hour loss of approximately 9%. As of 11:25 p.m. UTC, Bitcoin’s price had partially recovered to $42,850 for a market capitalization of $840 billion.
Bitcoin last saw similarly low prices on Jan. 3. At that time, the price of BTC started to rise as investors began to anticipate upcoming spot ETF approvals.
The crypto market was down 5.3% over the 24 hours ending at 11:25 p.m. on Friday. Bitcoin (BTC) was down 7.7%, Solana (SOL) was down 9.2%, Avalanche (AVAX) was down 9.1%, Cardano was down 6.2%, XRP was down 5.5%, and Ethereum (ETH) and BNB were down 3.9%.
GBTC redemptions may have caused price slide
The reason for BTC’s price drop is unclear. Spot Bitcoin ETFs have attracted significant demand, with reports of over $4 billion in volume on the first day
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