Bitcoin Price Crashes Under $40,000 Amid ETF Panic
Outflows from Grayscale's GBTC Could Accelerate, Further Pressuring Bitcoin Prices
- Bitcoin price crashes under $40,000, driving down the price of other major cryptocurrencies ethereum, XRP and solana.
- The bitcoin price has now lost 20% since the U.S. Securities and Exchange Commission (SEC) gave the green light to 11 closely-watched spot bitcoin ETFs on January 10.
- Outflows from Grayscale's flagship GBTC could accelerate, putting further pressure on bitcoin prices over the coming weeks.
- The value of Grayscale's GBTC has rocketed along with rising expectations it would be granted full spot bitcoin ETF status by the U.S. Securities and Exchange Commission (SEC) in recent months.
- Despite the wild swings hitting the bitcoin price, many working in the crypto space remain upbeat.
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