đ Bitcoin Takes a Dive: Plunges Below $40K, $230M Liquidation - Uncover the Latest Buzz! đšđ
Bitcoin has hit a rough patch, slipping below $40,000, a territory not visited since early December. The catalyst? A substantial exit from ETFs, adding complexity to Bitcoin's landscape.
In the past 24 hours, roughly $230 million in Bitcoin trades faced cancellation, with a significant $208 million coming from hopeful investors anticipating a price surge.
Presently, Bitcoin stands at $39,504, mirroring prices from December 2, 2023. Over 90,000 individuals had to part with their Bitcoin due to this downturn, with a notable $5 million trade on Bybit being the largest sell-off.
This decline is tied to a pivotal event on January 10 - the green light for Bitcoin spot ETFs. Despite attracting substantial capital, it failed to counter the fall, as many were concurrently withdrawing funds from the Grayscale Bitcoin Trust (GBTC).
With GBTC's shift to an ETF, its price now aligns with its Bitcoin holdings, pleasing early investors with handsome profits.
Currently, Grayscale is offloading over $500 million in Bitcoin daily as investors cash out and the fund redeems shares.
In essence, Bitcoin's recent drop below $40,000 is no small feat. It stems from a blend of capital movements, new investment instruments, and shifts in a major fund's operations. As Bitcoin's value seesaws, it's a rollercoaster for everyone navigating the digital money domain. đąđ
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