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Bitcoin Holds Drop as Traders Mull Likely Reaction to Spot ETFs
Bitcoin held a retreat as traders assessed how crypto markets might react if regulators meet expectations by approving the first US exchange-traded funds investing directly in the token. The largest digital asset shed 2.4% over the past 24 hours and traded at $42,400 as of 10:31 a.m. Wednesday in Singapore. Bitcoin is up 156% this year, a rally driven partly by wagers that the ETFs will encourage fresh demand. One key issue is whether an actual green light for the products will spur some profit-taking, based on the adage that investors “buy the rumor and sell the news.” Put another way, the potential interest in ... (full story)