Bitcoin breaks below $39,000 to lowest level in 7 weeks

On Tuesday, Bitcoin experienced a continued decline, dropping further below $40,000 and reaching its lowest level since the beginning of December.

The cryptocurrency’s price was down nearly 2%, settling at $39,362.00. Although it slightly recovered from earlier losses, it still added to the 4% decline observed the previous day.

Bitcoin has seen a notable decrease of about 19% from its post-ETF approval peak of $49,048, according to FactSet.

Some analysts attribute this decline to short-term selling pressure, particularly from exits from the Grayscale Bitcoin Trust (GBTC), which has witnessed approximately $2 billion in outflows since January 19.

In contrast, BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund have each experienced more than $1 billion in inflow, CNBC reported.

READ MORE: https://www.cnbc.com/2024/01/23/bitcoin-breaks-below-39000-as-post-etf-tumble-continues.html

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