Bitcoin Dips Under $70K Amid Market Sell-Off and Gemini Cuts

Bitcoin's value wanes below $70,000 as sell-off intensifies, coinciding with Gemini's operational cuts and negative ETF flows.

The cryptocurrency market experienced a downturn as Bitcoin's price dropped below the $70,000 mark, following the rapid loss of gains made after recent elections. This decline has been attributed to a widespread sell-off mentality among investors, driven by various market pressures.

Adding to the negative sentiment in the crypto landscape, Gemini announced plans to shut down operations in multiple regions and is set to reduce its workforce. This news has further fueled concerns about the stability and future of digital assets.

Moreover, the dynamics surrounding spot Bitcoin exchange-traded funds (ETFs) have taken a turn for the worse, as inflows into these investment vehicles have turned negative. This shift indicates a growing reluctance among investors to engage with Bitcoin ETFs amidst the current market volatility.