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Bitcoin

Grayscale Bitcoin Trust

<ul> 
 <li><strong>At the time of writing, Bitcoin is trading at $40,812, down 2.13% in the last 24 hours.</strong></li> 
 <li><strong>If the price manages to go below $40,340 level then it will likely test $37,690 support level.</strong></li> 
</ul> 
<p>Crypto Quant reports that as of January 19th, issuers of spot Bitcoin ETFs had over 638,000 bitcoins in their possession. This amounts to almost $27 billion in fiat currency. <a href="https://thenewscrypto.com/grayscale-ceo-justifies-1-5-bitcoin-etf-fee-despite-competition/" target="_blank" rel="noreferrer noopener">Grayscale</a> Bitcoin Trust (GBTC) has the biggest amount of Bitcoin—566,973 BTC. Next in line with 28,662 BTC is BlackRock’s iShares spot ETF, which trades under the ticker symbol IBIT.</p> 
<p>Reportedly in a surprising move, Grayscale Investments, the firm responsible for the well-known Grayscale Bitcoin Trust (GBTC), has sold a large quantity of <a href="https://thenewscrypto.com/bitcoins-hash-rate-hits-all-time-high-boosting-network-security/" target="_blank" rel="noreferrer noopener">Bitcoin</a> (BTC) worth $2.14 billion.</p> 
<p>Many industry watchers see Grayscale’s choice to keep ETF fees at 1.5% as a strategic gaffe that would hurt the market and slow adoption. After 11 spot Bitcoin exchange-traded funds were approved by the US SEC two weeks ago, Bitcoin’s volatility increased.</p> 
<h3 class="wp-block-heading" id="h-bears-in-control">Bears in Control</h3> 
<p>Bitcoin is under selling pressure and the price has fallen under $41,000. This has resulted in a noticeable slump in the overall crypto market. Following a few days of flat trading in a confined range, Bitcoin’s price once again took a nosedive, falling below $41,000. Following suit, the majority of altcoins exhibit a similar trend.</p> 
<p>At the time of writing, Bitcoin is trading at $40,812, down 2.13% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 58.13%.&nbsp;</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-full">
  <img loading="lazy" decoding="async" width="630" height="380" src="https://thenewscrypto.com/wp-content/uploads/2024/01/BTC_7D_graph_coinmarketcap-1-3.png" alt="" class="wp-image-89858" srcset="https://thenewscrypto.com/wp-content/uploads/2024/01/BTC_7D_graph_coinmarketcap-1-3.png 630w, https://thenewscrypto.com/wp-content/uploads/2024/01/BTC_7D_graph_coinmarketcap-1-3-300x181.png 300w" sizes="(max-width: 630px) 100vw, 630px">
  <figcaption class="wp-element-caption">
   Source: <a href="http://CoinMarketCap.com" target="_blank" rel="noreferrer noopener nofollow">CoinMarketCap</a>
  </figcaption>
 </figure>
</div> 
<p>If the price manages to go below $40,340 level then it will likely decline further to test $37,690 support level. Conversely, if the price manages to go past $42,140 then price will likely climb further to test $42,880 resistance level.</p>

Bitcoin Falls Below $41,000 Level as Bears Continue Domination

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TheNewsCrypto

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