Bitcoin, the world's largest cryptocurrency, witnessed a sudden dip of over 7% on Tuesday, triggering a market-wide sell-off and liquidations exceeding $1 billion. However, the digital asset showcased resilience by rebounding from its low point of $60,800 to nearly $67,000 during the Asian trading hours.
BlackRock Bitcoin ETF Attracts Huge Inflows of Capital
Despite the downward pressure attributed to profit-taking and miners offloading bitcoin holdings, the inflows into spot bitcoin exchange-traded funds (ETFs) remained robust. BlackRock alone accumulated over $760 million on Tuesday, indicating sustained institutional interest in the cryptocurrency despite short-term fluctuations.
Market Experts Optimistic About the April Bitcoin Halving, Expect Price to Reach $150,000 in a Year
Market experts maintain optimistic outlooks, with the anticipated halving event in April on the horizon. This event, which halves mining rewards, is expected to increase scarcity and drive up demand from both retail and institutional investors. Alex Adelman, CEO of bitcoin rewards application Lolli, suggests that bitcoin's price could surpass $150,000 in the coming year, fueled by increased scarcity and strong investor demand.
Bitcoin Leads SOL, ADA, and ETH Rebound as Dog-Themed Tokens DOGE and SHIB Fall More Than 15%
Following bitcoin's lead, major tokens like Solana's SOL, Cardano's ADA, and ether (ETH) reversed losses from Tuesday, rising by up to 5% in the past hour. However, dog-themed tokens like dogecoin (DOGE) and shiba inu (SHIB) experienced sell-offs exceeding 15% on Tuesday and failed to join the recovery alongside other major tokens.