The price of Bitcoin has dipped below $60,000 for the first time since October 17 after the Bitcoin ETF frenzy boost.

The largest asset in the crypto industry, Bitcoin, is not at a current value of $58,905.29, a slide from a record high of $67,000.

Bitcoin has Experienced steady price gain following the news that the United States Security Exchange Commission has given the first bitcoin-linked ETF $BITO by ProShares in the country the green light to operate.

Firstly, Bitcoin reached the $60,000 mark after Bloomberg published that the chances of the bitcoin-linked ETF being listed are very high. Then, shortly after $ BITO’s official listing, Bitcoin stepped up the ladder to the $63,000 mark.

$BITO made a whopping $994 million in trading within 20 minutes on its first-day trading.

In the last 24 hours, bitcoin is down by 1.86%, with a current price of $56,333.97 as at the time of writing this. Within 24 hours, bitcoin dropped to $56,177.40 low and $57,819.12 high. The trading volume of bitcoin in the last 24 hours is $1.27B. The current market capitalization of bitcoin is $1.06T. Currently, $18.84M bitcoins is in circulation.

Stats and Image from Coin Desk

Secondly, the SEC approval of the second Bitcoin ETF, Valkyrie Bitcoin Strategy (BTF), and the speculations about the launch VanEck’s Bitcoin Strategy ETF created more buzz about Bitcoin in the crypto market.

Bitcoin Twitter account Smart Crypto, which compares the recent Bitcoin’s price action with 2017, is optimistic that Bitcoin is fine and about to experience an “explosion.” However, other analysts like Filbfilb believe that Bitcoin’s value will dip to $50,000.