Bitcoin value dips as traders speculate on potential US ETF impact

Bitcoin’s value fell by 2.4% in the last 24 hours, trading at US$42,400 (1.4 million baht) on yesterday in Singapore. This comes as traders speculate on how the potential approval of the first US exchange-traded funds (ETFs) investing directly in the digital asset could impact crypto markets. Despite the recent dip, Bitcoin has seen a significant rise of 156% this year, partly due to bets that the ETFs will generate new demand.

The US Securities & Exchange Commission is expected to authorise spot Bitcoin ETFs before January 10, according to Nic Carter, founding partner at Castle Island Management LLC. While Carter sees the funds broadening the spectrum of crypto investors in the medium term, he also suggested a possible immediate “news selling event”.

Yet, there is uncertainty over whether the formal approval of these…