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 <p class="paragraph">Despite the previous hype surrounding the approval of spot Bitcoin (BTC) exchange-traded funds (ETFs) that many expected would lead to new highs for the maiden cryptocurrency, its price has dropped below the important psychological level of $40,000, and discussions seem to be dying down.</p>
 <p class="paragraph">Indeed, Bitcoin is currently trading in the $39.5k area, falling below the above price range for the first time since December 4, 2023, in what the crypto analytics platform <em>Santiment</em> referred to as a “bloodbath for most of the crypto sector” in an X post on January 22.</p>
 <p class="paragraph">Furthermore, the platform has also recorded a decline of 35% in the amount of <a rel="noopener noreferrer nofollow" title="chatter" href="https://thebittimes.com/tag/chatter.html">chatter</a> toward the flagship decentralized finance (DeFi) asset and a 21% drop toward its runner-up, Ethereum (ETH), compared to the period before the ETF approval by the United States Securities and Exchange Commission (SEC).</p>
 <figure class="wp-block-image aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/dQM4BMeD-GUb403E7YhoUfeKjobsblZzhm69WddWeapjoQ85Mwy_iCmduJK-iFrDeZXTJrCBdk2pNXd-JFf2jg4BmLaFKqIdm6enHFK5BtPW1R1EHG1LtqHNqgZvJX4JX2178Mfc35TqPVOFHqqMELs" alt>
  <figcaption class="wp-element-caption"><em>Shrinking crypto prices and social volume. Source: </em><em>Santiment</em>
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 </figure>
 <p class="paragraph">As the platform’s analysts further observed, the ‘fear, uncertainty, and doubt’ (‘FUD’) is “beginning to enter the picture” after the spot Bitcoin exchange-traded fund hype and increased investor interest, “which should create nice price bounce opportunities when it reaches its peak.”</p>
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 <p class="paragraph">Meanwhile, Bitcoin was at press time changing hands at the price of $39,460, down 3.12% in the last 24 hours, in addition to dropping 7.61% across the previous seven days and losing 9.64% to its value over the past month, according to the most recent charts on January 23.</p>
 <figure class="wp-block-image aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/yL7SdzfKpauLPoGNujM5NvfNOklzUkrTPUbjSg6hhiMHb0zLhWlTbKbDeCVfo57SXmdnwh3P75IcJXF-Jx6uvyTtYKxAhR5NgfBbMR9gBPGvfvUvagTp3QOLAsUT-_KxvRrpfv-FLkQM7h6gSDcIbrI" alt>
  <figcaption class="wp-element-caption"><em>Bitcoin 7-day price chart. Source: </em><em>Finbold</em>
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 </figure>
 <p class="paragraph">It is also worth mentioning that all Bitcoin ETF issuers except Grayscale have collectively purchased more than 86,320 BTC at an average price of $42,000 – a $3.63 billion investment – which could suggest a formation of the top for the price of the largest crypto asset by market capitalization.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/crypto-crash-bitcoin-drops-below-40k-as-chatter-quiets-down-tbt77391.html">https://thebittimes.com/crypto-crash-bitcoin-drops-below-40k-as-chatter-quiets-down-tbt77391.html</a></p>

Crypto crash: Bitcoin drops below $40K as chatter quiets down

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