Major global cryptocurrencies nosedived on Wednesday, with Bitcoin sinking to the lowest in 17 days and Ethereum hitting the lowest levels since the end of November.
Market participants could be influenced by a recent report by Matrixport that says the United States Securities and Exchange Commission (SEC) board, dominated by Democrats, could still reject a Bitcoin exchange-traded fund (ETF) despite expectations it will approve it this month. However, multiple analysts believe that, even if a Bitcoin ETF gets greenlit, the cryptocurrency could still see a significant price correction.
Bitcoin plunged 6.40% to $40,245 at 1:15 pm ET and Ethereum nosedived 10.01% to $2,120 at 1:09 pm ET.
