HomeBitcoinBitcoin's value goes down by 3. 5% to $41,000 as excitement about...

Bitcoin’s value goes down by 3. 5% to $41,000 as excitement about a new type of investment fades. Also, the amount of money leaving an investment fund for Bitcoin continues to increase.

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Bitcoin lost a lot of value on January. 18, one week after the first Bitcoin spot ETFs started trading on different exchanges.

At 9:50 p. m, the value of BTC was $41,107 and it had a market cap of $805. 8 On Thursday at Coordinated Universal Time. The drop means a 3. 5% decrease in 24 hours.

Bitcoin is currently worth $41,107, which is the lowest value it has been in the past month. It was last valued at $40,893 in December. October 18, 2023.

The cryptocurrency market had similar losses, going down by 3. 7% in one day. Other top ten assets also experienced losses: Avalanche (AVAX) fell by 7. 8%, Solana (SOL) dropped by 7. 4%, Cardano (ADA) decreased by 4. 8%, Ethereum (ETH) went down by 2. 6%, and XRP decreased by 3. 4%

Investors are taking their money out of GBTC, affecting how they feel about it.

The reason for Bitcoin’s recent drop in value is unclear, but it may be because people are taking their money out of Grayscale’s GBTC investment fund.

Bloomberg analyst Eric Balchunas gave information in January about ETFs. 18 numbers show that nine Bitcoin funds have received $2. 8 billion, but GBTC has lost $1. 6 billion, resulting in a total inflow of $1. 2

Balchunas said that Bitcoin ETFs are getting popular. When people sell their Bitcoin from GBTC, more Bitcoin is available in the market, which can change the prices.

Changes in how investors feel and what they do – less interest in Bitcoin after the excitement about ETFs – could also affect how the market is doing. Bryce Elder, a writer for the Financial Times, said that GBTC outflows are a simple explanation, but he also recognized that investor activity might have an effect. He said:

The drop in Bitcoin’s price is not helpful for people who support cryptocurrencies. They were expecting that spot ETFs would be a big moment for crypto, but now they have many reasons to explain why the price is falling, like people selling their Bitcoin to make a profit, or saying that it’s better to have fun on the journey than to reach the destination, and other similar excuses.

Other recent things happening with Bitcoin and other digital currencies may have also changed how investors feel. Yesterday, VanEck decided to stop its Bitcoin futures ETF and Donald Trump said he doesn’t like central bank digital currencies.

Bitcoin Price and Information about Market

Currently, Bitcoin is the most valuable cryptocurrency and its price has dropped by 3. 16% in the last 24 hours. Bitcoin is currently worth $809. 8 billion in total, and in the past 24 hours, $25. 19 billion worth of Bitcoin has been traded.

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