Coinspeaker
Bitcoin Plummets Below $41K in Sell-Off Continuation
The price of Bitcoin (BTC), the world’s largest cryptocurrency, experienced a notable drop below $41,000 early this morning, marking a continuation of its recent slide. The dip follows the approval of multiple spot Bitcoin Exchange-Traded Funds (ETFs) in the United States earlier this month.
While the cryptocurrency has shown a slight recovery at the time of writing, trading at around $40,600, it is still down by 2.7% for the day and 3.7% over the past week, according to CoinGecko data.
Bitcoin Price in Sell-Off Situation
One of the primary factors contributing to the recent drop in Bitcoin’s value is believed to be the mass exodus of investors cashing out their gains following the approval of US spot Bitcoin ETFs. The Grayscale Bitcoin Trust (GBTC) has been particularly affected, as investors exit their positions in response to its conversion into a spot Bitcoin ETF.
Before the conversion, GBTC shares were restricted
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