Bitcoin price abruptly dropped under $40,000. Cointelegraph explains what is behind the price drop.
Bitcoin price fell below $40,000 for the first time since Dec. 3, 2023, as GBTC-linked selling of BTC at Coinbase continues to negatively impact investor sentiment throughout the crypto market.
Bitcoin (BTC) fell rapidly from a price of $41,553 on Jan. 22, sinking more than 4.3% in the last 24 hours and 9.3% over the last 30 days, to hit a six-week low of $39,450, according to data from CoinMarketCap.
Bitcoin’s price performance comes as the traders reel from the unexpected result of the Securities and Exchange Commission’s approval of 11 spot Bitcoin ETF products in the U.S., with GBTC selling being blamed for the market crash.
