2024-01-23 21:15:41
Bitcoin, which fell below the $40,000 mark for the first time since the launch of Bitcoin ETFs following a sustained run-up, hit a seven-week low on Monday. This marks the first time since the launch of eleven spot Bitcoin exchange-traded funds on January 11th, as Focus reports.
The world’s largest cryptocurrency recently lost 3.98 percent and reached a level of $39,938.00. This marked the lowest level since December 4th following a brief recovery period. Ether, the second largest cryptocurrency, fell 6.37 percent to $2,328.30.
The SEC’s decision to approve exchange-traded Bitcoin funds had given the crypto market a boost in the run-up to the event. Some analysts had expected Bitcoin to give back some of its gains following this positive momentum.
Market participants also expressed the view that Bitcoin is struggling to compete with traditional stocks. Especially following the S&P 500 index hit new record highs on Monday, driven by semiconductor and other technology stocks.
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