Bitcoin price abruptly dropped under $40,000. Godleak explains what is behind the price drop.

Bitcoin cost fell beneath $40,000 interestingly since Dec. 3, 2023, as GBTC-connected offering of BTC at Coinbase proceeds to adversely influence financial backer opinion all through the crypto market.

Bitcoin BTC fell quickly from a cost of $41,553 on Jan. 22, sinking over 4.3% as of now and 9.3% throughout recent days, to hit a six-week low of $39,450, as indicated by information from CoinMarketCap.

The unexpected outcome of the Securities and Exchange Commission’s approval of 11 spot Bitcoin ETF products in the United States, with GBTC selling being blamed for the market crash, is reflected in Bitcoin’s price performance.

Grayscale stored more than $600 million worth of BTC on Coinbase on Jan. 22, carrying the absolute to more than $2 billion. In the mean time, chapter 11 directors at FTX sold the sum of its 22 million shareholding of GBTC – what might be compared to almost $1 billion, adding to the cost headwinds.

Since $GBTC conversion to #BitcoinETF investors have sold > $2 Billion

FTX bankruptcy liquidation has led to > $1 Billion in selling $BTC

GBTC discount to NAV arbitrage trade led to > $1 Billion selling to lock in profits.

 

 

 

 

 

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All of that selling in a relatively short time and… pic.twitter.com/e0I0ms3y3D

— CJK (@CJKonstantinos) January 22, 2024

The last time Bitcoin exchanged underneath $40,000 was almost one and half months prior, on Dec. 3, 2023, when it arrived at a low of $39,293, prior to climbing toward a 20-month high of around $49,000 on Jan. 11.

Dealer and examiner Seth hailed BTC exchanging underneath $40,000, adding that he wished to see the lead digital money produce a “day to day close above 40K!”

#Bitcoin wicked below 40K to REKT all retail longs. Lets hope this support zone hold! I want to see a daily close above 40K!

Bull got to step in now! FTX sold 2/3 already in 3 days. Just 1/3 left of their Grayscale holdings. $BTC #Altcoins bleeding hard! https://t.co/V8sOA85RCa pic.twitter.com/AwU34WoFmG

— Seth (@seth_fin) January 22, 2024

Information from Coinglass shows long-position liquidations for Bitcoin besting $56 million on the day, with the count actually expanding at the hour of composing. Cross-crypto long liquidations added up to more than $208.7 million.

At the time of writing, BTC has recovered slightly and now trades at $40,245.