DIGIVESTASI - The cryptocurrency market has crashed in the last 24 hours. Bitcoin, Ethereum, and Binance have all fallen. In fact. Bitcoin dropped to $42,000. 

Based on Coinmarketcap data, as of Saturday morning (January 13, 2024) at 08:00 WIB, the global cryptocurrency market capitalization fell 5.64% to 1.67 trillion US dollars in 24 hours. The cryptocurrency with the largest market capitalization, Bitcoin (BTC), fell 3.18% in the last 24 hours. Currently, the price of Bitcoin is 42,798 USD or equivalent to IDR 665 million (exchange rate IDR 15,538).

Weakness also occurred on Ethereum (ETH), down 3.2% in 24 hours. Therefore, ETH costs $2,517 per coin. A similar situation occurred with Binance (BNB), which fell 4.7% to $294 per coin. Quoted by CoinDesk, Bitcoin (BTC) price fell below $42,000, experiencing a decline following the excitement over the approval of Bitcoin exchange-traded funds (ETFs) this week and becoming a major drop. 

Previously, Bitcoin reached $46,000 on the previous Friday and hit a high of $49,000 on Thursday when the Bitcoin ETF started trading on US stock exchanges. However, this price increase did not last long. Shares of Coinbase, a cryptocurrency exchange that provides key security services to most issuers, fell.

Bitcoin Spot ETF, fell 7.4% on Friday (December 1, 2024). Shares of Bitcoin mining companies Marathon Digital, Hut 8 and Riot Platforms all fell by at least 10%. In fact, Marathon saw the biggest drop, down 15%.

These declines came a day after Bitcoin exchange-traded funds (ETFs) began trading, marking a milestone for the cryptocurrency industry. Bitcoin ETFs are traditional financial instruments that can help retail and institutional investors access Bitcoin prices more easily. 

Friday's price drop may not come as a surprise. Research firm CryptoQuant predicted last month that Bitcoin's price would drop by as much as $32,000 in the month following the ETF's approval, a news event. Interestingly, previous historical events such as Coinbase's stock exchange listing in April 2021 and ProShares' futures-based Bitcoin ETF (BITO) launch in October 2021 have occurred near the peak of the cryptocurrency's price, perhaps signaling an impending price drop.