Bitcoin Turun di Bawah US$40.000, Terendah Sejak Peluncuran ETF Bitcoin Spot!

Bitcoin prices previously strengthened amid increasing anticipation of approval of a Bitcoin Exchange-Traded Fund (ETF) by the US Securities and Exchange Commission (SEC).

This positive decision is considered to open the door for a number of new investors.

However, after reaching its peak, Bitcoin experienced a decline of around 70% from its peak in August 2023.

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Some analysts predict that Bitcoin will likely experience a decline after a period of significant price increases.

A federal court forced the SEC to review its decision to reject Grayscale Investments' Bitcoin ETF application in August 2023, which then triggered a surge in Bitcoin prices.

The crypto market is faced with competition from traditional stocks on Monday, January 22, 2024.

The benchmark S&P 500 stock index recorded a new record high, driven by the positive performance of technology and semiconductor stocks.

Analysts observe that Bitcoin investors may be turning to traditional stocks, seeking stability amid the success of traditional financial markets hitting record highs.

Antoni Trenchev, co-founder of crypto lender Nexo, explained, "It feels like Bitcoin investors are on a downward spiral right now as traditional financial benchmarks enjoy an easier ride to record highs."

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He added that previous major crypto events, such as the initial public offering of crypto exchange Coinbase and the launch of bitcoin futures, were also followed by declines in Bitcoin prices.

One other factor putting pressure on Bitcoin is outflows from Grayscale Investment, which converted it into an ETF following the SEC's approval of another bitcoin ETF product earlier this month.

FTX, which filed for bankruptcy in 2022, reportedly sold 22 million shares worth nearly US$1 billion in ETFs, adding complexity to the crypto market.

Antoni Trenchev concluded, “Bitcoin spot ETFs are in danger of joining the crypto hall of infamy.”