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 Bitcoin’s prices have plummeted to a seven-day low, according to market data for Monday, January 22, 2024. This drop marks the cryptocurrency’s lowest point <a style="color: #0000ff;" href="https://defi-planet.com/2024/01/u-s-sec-greenlights-spot-bitcoin-etps-after-11-years-and-20-rejections/" rel="noopener noreferrer nofollow">since the launch of new spot Bitcoin exchange-traded funds (ETFs) on January 11.</a>&nbsp;
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At the time of reporting, Bitcoin is trading at $38,958, reflecting a substantial 20.80% decrease from its peak of $49,052 seven days ago. Notably, this recent decline brings Bitcoin to its lowest level since December 2, 2023, when it reached $38,668, <a style="color: #0000ff;" href="https://www.tradingview.com/symbols/BTCUSD/?exchange=CRYPTO" rel="noopener noreferrer nofollow">as per TradingView data.</a>
Some experts have <a href="https://www.forbes.com/advisor/investing/cryptocurrency/why-is-bitcoins-price-falling/" rel="noopener noreferrer nofollow">speculated </a>that the price hike on January 11 was fueled by optimism surrounding the U.S. SEC’s ETF approval and saw a subsequent decline as investors began cashing in on profits.&nbsp;
Bitcoin’s current price decline has also been linked to the<a style="color: #0000ff;" href="https://defi-planet.com/2024/01/grayscales-gbtc-records-1-1-billion-exodus-following-discount-drop/" rel="noopener noreferrer nofollow"> continuous sell-off of Grayscale Bitcoin Trust ($GBTC) shares</a>. Investors have <a href="https://defi-planet.com/2024/01/ark-invest-buys-15-9-million-worth-of-shares-of-its-newly-approved-bitcoin-etf/" rel="noopener noreferrer nofollow">reportedly </a>been exiting their positions in the fund and buying shares in the newly approved ETF alternatives because of cheaper service fees.&nbsp;
Though a pioneer in the Bitcoin ETFs scene, Grayscale maintained a comparatively higher service fee of 1.5%, while competitors adjusted their fees to a more competitive range of 0.2% to 0.9%.
Meanwhile, in an interview with CNBC, Michael Sonnenshein, CEO of Grayscale, explained <a href="https://defi-planet.com/2024/01/grayscale-ceo-questions-the-future-of-new-bitcoin-etfs-amid-fee-competition/" rel="noopener noreferrer nofollow">that the asset manager is unfazed by the continuous sales of $GBTC shares and the downtrend of Bitcoin prices</a>. He expressed his confidence in his firm’s future performance while referencing the firm’s past successful track record.&nbsp;
Sonnenshein highlighted Grayscale’s decade-long history as a leading Bitcoin ETF issuer, emphasizing the company’s resilient track record and broad investment base.&nbsp;
Recall that Bitcoin’s price grew 70% from last year when a Federal Court in the United States concluded that the U.S. Securities and Exchange Commission (SEC) must <a style="color: #0000ff;" href="https://www.sec.gov/news/statement/gensler-statement-spot-bitcoin-011023" rel="noopener noreferrer nofollow">review its decision on rejecting Grayscale Investments’ creation of a spot Bitcoin ETF</a>.
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The post <a rel="noopener noreferrer nofollow" href="https://defi-planet.com/2024/01/bitcoin-prices-hit-seven-day-low-following-etf-induced-surge-now-trades-around-39k/">Bitcoin Prices Hit Seven-Day Low Following ETF-Induced Surge, Now Trades Around $39k</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://defi-planet.com">DeFi Planet</a>.

Bitcoin Prices Hit Seven-Day Low Following ETF-Induced Surge, Now Trades Around $39k

DeFi Planet

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