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Bitcoin (BTC) Bulls Fail to Step Up on Christmas

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Bitcoin (BTC) Bulls Fail to Step Up on Christmas

With festive lights twinkling across the globe, Bitcoin (BTC) is facing a less-than-celebratory Christmas.

The Bitcoin price is currently sitting at $43,161.88 after experiencing a 1.2% drop. 

The recent sharp drop recently triggered a volatility alert. 

This year’s Christmas was a stark contrast to the usual bullish enthusiasm often expected in the crypto market during the holiday season.

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Typically, global stock markets experience the “Santa Claus” rally during the Christmas period. However, Bitcoin diverged from this trend in 2023.  

With that being said, a belated Christmas present might be in store for Bitcoin bulls. 

Recent developments suggest a potential upswing in Bitcoin’s future price, with major investment firms such as Blackrock, Ark, and Grayscale engaging in discussions with the U.S. Securities and Exchange Commission (SEC) regarding Bitcoin ETFs. 

These discussions could lead to a crucial breakthrough for Bitcoin ETFs, broadening the market access and potentially invigorating Bitcoin’s appeal to a wider range of investors. 

Despite the current dip, these ongoing negotiations and the likelihood of the SEC approving a spot Bitcoin ETF in the near future offer a beacon of optimism for Bitcoin’s value recovery.

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