The price of Bitcoin fell below the 40,000 US $ 40,000 mark for the first time since December 3, 2023, while the BTC sale linked to the GBTC on Coinbase continues to have a negative impact on the feeling of investors on the ‘Set of the cryptocurrency market.
Bitcoin quickly dropped from a price of US $ 41.553 on January 22, down more than 4.3% in the last 24 hours and 9.3% in the last 30 days, to one are more low level in six weeks at 39,450 US $.
Bitcoin prices performance occurs while traders are in shock from the unexpected result of Securities and Exchange Commission of 11 Bitcoin ETF products in cash in the United States, the sale of GBTC being charged to the crash of the market .
Grayscale filed more than $ 600 million BTC on Coinbase on January 22, bringing the total to more than $ 2 billion. Meanwhile, FTX’s bankruptcy managers have sold all of its 22 million shares in GBTC, the equivalent of almost a billion dollars, which accentuated the opposite winds on prices.
The last time the bitcoin exchanged below 40,000 US $, it was almost a month and a half ago, on December 3, 2023, when it reached a minimum of US $ 39.293, before Go back to a 20 -month summit of around 49,000 US $ on January 11.
The trader and analyst Seth reported that the BTC was negotiated below 40,000 US $, adding that he wanted to see cryptocurrency #1 produce a “daily fence above US $ 40,000!
Coinglass data show that long position liquidations for Bitcoin exceeded $ 56 million that day, and this figure continues to increase at the time of writing. Long liquidations between cryptocurrencies have been over $ 208.7 million.
At the time of writing this article, the Bitcoin price has straightened slightly and is now traded at US $ 40,245.