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Another Down Day for Bitcoin: What’s Next?

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Updated

Bitcoin falls

On Thursday, December 21, bitcoin (GBTC) (ARKW) was trading almost 6% lower than the previous day. It had seen a net change of approximately $960 as of 2:00 PM EST. It was priced close to $15,788 per coin compared to the year’s high of $19,666. The volatility in bitcoin was approximately 89%, a little lower than it was on the previous day.

The 14-day relative strength index (or RSI), which measures the comparative overbought or underbought situation in an asset, was close to 55. A level above 70 indicates an overbought situation, while below 30 indicates an underbought situation.

Top gainers and losers

The unitarystatus dollar (or USDE) was among the top cryptocurrency gainers on Thursday with a whopping rise of 720%. The top loser was lanacoin (or LANA), which was down 53.3%.

Among the other major cryptocurrencies, ethereum was marginally higher for the day with a rise of only 1%. It was trading close to $830. Bitcoin cash saw a down day after Coinbase de-listed the cryptocurrency due to fraudulent insider trading. Litecoin (or LTC), IOTA, dash, and cardano also witnessed falls on Thursday.

Futures ETF

There was a lot of buzz in the bitcoin market last week due to the launch of futures. However, this settled after CME Group (CME) and CBOE bitcoin-based futures (CFE) had been trading for a few days. The volume in the futures market hasn’t been impressive. Bitcoin has risen 85% during the past 30 days as the markets awaited the launch of futures.

The ICE (or Intercontinental Exchange), which is owned by NYSE Arca, filed a petition to list bitcoin futures ETFs. The potential ETFs would include the ProShares Bitcoin ETF and the ProShares Short ETF. The SEC rejected the petition, but NYSE Arca will likely continue to pursue its petition.

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