Bitcoin

On Monday, Bitcoin experienced a downturn, reaching its lowest value in seven weeks, dipping beneath the $40,000 mark. This notable decrease occurred for the first time since January 11, coinciding with the introduction of 11 Bitcoin ETFs (Exchange-Traded Funds).At its last evaluation, Bitcoin&#39;s value declined by 3.98%, standing at $39,938.00, marking its lowest point since December 4, following a period of recuperation. Ether, the cryptocurrency ranking second in market capitalization, also saw a decline, dropping 6.37% to $2,328.30.The surge in Bitcoin&#39;s value was largely attributed to heightened anticipation that the U.S. SEC (Securities and Exchange Commission) would sanction Bitcoin ETFs. Such an approval was projected to broaden Bitcoin&#39;s investor base significantly. From August, Bitcoin&#39;s value escalated by approximately 70%, spurred by a legal ruling that compelled the SEC to reassess its previous denial of an ETF application submitted by Grayscale Investments.Despite this, some market analysts had anticipated a retraction in Bitcoin&#39;s gains following this rapid ascension.Concurrently, on Monday, other market observers noted Bitcoin&#39;s struggle to hold its ground against conventional equities, particularly as the S&amp;P 500 index achieved new all-time highs, propelled by advancements in tech stocks, including those in the semiconductor sector.Bitcoin&#39;s valuation further declined by 3.9% to $40,052.76, as recorded by Coin Metrics. It even plummeted to $39,414.80 at one point, its lowest since December 3. Meanwhile, Ether experienced a 5% drop, pricing at $2,333.00.This downturn in Bitcoin&#39;s value is part of a broader correction phase, following the historic U.S. debut of several spot Bitcoin ETFs. Leading up to the SEC&#39;s approval for these funds to commence trading, there was a notable uptick in Bitcoin purchases, driven by investor optimism.Since January 10, the day the SEC endorsed these ETFs, Bitcoin has seen a 14% reduction in value. In contrast, Ether, despite recent losses, has maintained a 3% increase during the same timeframe.The broader cryptocurrency market mirrored this downtrend on Monday. Specifically, Solana&#39;s SOL token depreciated by 7%, Ripple&#39;s XRP fell by 4%, and the token associated with the Uniswap DeFi protocol decreased by 5%.

Bitcoin Drops Below $40,000, Marking the First Occurrence in 2024.

AsiaTokenFund

Други статии, публикувани на 23.01.2024 г.

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