The price of bitcoin fell Wednesday morning in the midst of a petitioning for another exchange traded reserve that will wager against the price of the cryptocurrency.

Bitcoin was down very nearly 7% at $58,475 per coin Wednesday morning, down in excess of 12% from its unsurpassed high of simply more than $66,900 arrived at the week before.

Ethereum was additionally down in excess of 5% from its price 24 hours prior while Binance Coin was down in excess of 7%. Cardano was trading hands Wednesday morning in excess of 8% lower.

The price drops came after Direxion petitioned for a new bitcoin ETF that would wager against the future price of the crypto.

It will be known as the Direxion Bitcoin Strategy Bear ETF, as indicated by its recording with the Securities and Exchange Commission.

The application comes simply seven days after the SEC permitted the first bitcoin prospects ETF, the ProShares Bitcoin Strategy ETF, to start trading.

The approval of that ETF sent the price of bitcoin to its most recent unequaled high as investigators said the new ETF would assist with expanding financial backer openness to cryptocurrencies and make the area more standard.

The most recent crypto price drops additionally came after sans commission trading application Robinhood detailed dull profit that showed a significant drop in cryptocurrency trading.

Shares of Robinhood failed right around 10% after the Tuesday evening second from last quarter income report showed the organization made just $51 million from crypto trades in the quarter, down very nearly 80% from company’s record $233 million in crypto trading income in the earlier quarter.

Robinhood’s flood in crypto income prior this year was driven generally by the spike in interest in supposed memecoin Dogecoin. Trades of the Elon Musk-supported coin made up in excess of 25% of Robinhood’s income in the subsequent quarter.

Robinhood had recently cautioned that it anticipated that interest in trading should decrease in the latest quarter after the craze in GameStop trading recently sucked individuals into the financial exchange.

The organization had additionally cautioned financial backers that if interest in Dogecoin explicitly wound down, the organization’s operations would be harmed.

The price of Dogecoin was down right around 11% Wednesday morning contrasted and a day sooner.

Avoiding the pattern, individual canine themed cryptocurrency Shiba Inu Coin took off in excess of 18% Wednesday morning in the course of recent hours. It’s up very nearly 700% from a month prior.