Coinspeaker
Bitcoin Price Falls Below $40,000 as Grayscale’s ETF Continues Recording Outflows
Bitcoin has unfortunately continued to plunge, dropping below $40,000 for the first time in 2024. The king coin earlier fell to $39,414, and then later rose to $40,052. However, CoinMarketCap data as of this writing shows that the world’s largest cryptocurrency by market cap has again fallen below $40,000, trading at $39,722. Much of Bitcoin’s collapse is reportedly tied to heavy outflows from Grayscale’s spot Bitcoin exchange-traded fund (ETF).
On January 10, the United States Securities and Exchange Commission (SEC) approved 11 spot Bitcoin ETFs after more than a decade of rejections. Although the SEC denied several applications for multiple reasons, including the risk of fraud, the Commission eventually granted permission for trading, much to widespread excitement in the crypto sector. Many predictions concluded that the development would be unmistakably bullish for Bitcoin, with fo
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