What happened 

Cryptocurrencies continue to have a wild trading week, and Thursday there are sharp moves both moves higher and lower. According to Coinbase‘s price chart, Bitcoin (CRYPTO:BTC) is down 4.5% over the past 24 hours as of 11:30 a.m. EDT and Dogecoin (CRYPTO:DOGE) is off 2.5%, while Ethereum (CRYPTO:ETH) is up 1.6%. 

Taking a bit of a step back to price movements over the past week, the picture looks little better for cryptocurrencies. Bitcoin is up 9% over the past week, Ethereum is up 11.7%, and Dogecoin is up 4.1%, which shows a much more bullish picture than the price movements today. 

Digital representation of a Bitcoin.

Image source: Getty Images.

So what

Bitcoin is coming off highs from Wednesday that were driven by the ProShares Bitcoin Strategy ETF (NYSEMKT: BITO) officially reaching the market. Investors have been bidding up Bitcoin, in particular, in anticipation of this exchange-traded fund, and that’s pulled a number of cryptocurrencies higher today. 

In a sign of just how critical this ETF has been to the crypto trade short term, Bitcoin peaked near $67,000 just an hour after the market opened on Wednesday and