Bitcoin price drops its early week gains — Here is why By Cointelegraph

(BTC) price gained 6% from Oct. 1 to Oct. 2 but after failing to break the $28,500 resistance, the price dropped by 4.5% on the same day. This decline happened because of the disappointing performance of Ether (ETH) futures exchange-traded funds (ETFs) that were launched on Oct. 2 and concerns about an upcoming economic downturn.

This correction in Bitcoin’s price on Oct. 3 marks 47 days since Bitcoin last closed above $28,000 and has led to the liquidation of $22 million worth of long leverage futures contracts. But before discussing the events affecting Bitcoin and the cryptocurrency market, let’s attempt to understand how the traditional finance industry has affected investor confidence.