(Bloomberg) — Bitcoin posted its worst streak in about a month as the fanfare over new US exchange-traded funds for the largest digital asset subsided.
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The token swung between gains and losses to trade little changed at $42,655 as of 1:42 p.m. Monday in Singapore. It dropped for three straight days through Sunday, the longest such losing run since mid-December. Smaller crypto coins were mixed, with second-ranked Ether dipping and BNB advancing.
The batch of almost a dozen ETFs, including from investment titans BlackRock Inc. and Fidelity Investments, began trading on Jan. 11. Bitcoin briefly hit a two-hear high above $49,000 after they went live but then began retreating.
The spike and quick turn lower have the hallmarks of a “buy-the-rumor, sell-the-fact reaction” some market watchers had expected, Tony Sycamore, a market analyst at IG Australia Pty, wrote…
