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Bitcoin Prices Hit Seven-Day Low Following ETF-Induced Surge, Now Trades Around $39k

23 January 2024
in Latest News, News
Reading Time: 3 mins read
108 5
Home News Latest News

Last updated on January 27th, 2024 at 08:48 am

Bitcoin’s prices have plummeted to a seven-day low, according to market data for Monday, January 22, 2024. This drop marks the cryptocurrency’s lowest point since the launch of new spot Bitcoin exchange-traded funds (ETFs) on January 11. 

At the time of reporting, Bitcoin is trading at $38,958, reflecting a substantial 20.80% decrease from its peak of $49,052 seven days ago. Notably, this recent decline brings Bitcoin to its lowest level since December 2, 2023, when it reached $38,668, as per TradingView data.

Some experts have speculated that the price hike on January 11 was fueled by optimism surrounding the U.S. SEC’s ETF approval and saw a subsequent decline as investors began cashing in on profits. 

Bitcoin’s current price decline has also been linked to the continuous sell-off of Grayscale Bitcoin Trust ($GBTC) shares. Investors have reportedly been exiting their positions in the fund and buying shares in the newly approved ETF alternatives because of cheaper service fees. 

Though a pioneer in the Bitcoin ETFs scene, Grayscale maintained a comparatively higher service fee of 1.5%, while competitors adjusted their fees to a more competitive range of 0.2% to 0.9%.

Meanwhile, in an interview with CNBC, Michael Sonnenshein, CEO of Grayscale, explained that the asset manager is unfazed by the continuous sales of $GBTC shares and the downtrend of Bitcoin prices. He expressed his confidence in his firm’s future performance while referencing the firm’s past successful track record. 

Sonnenshein highlighted Grayscale’s decade-long history as a leading Bitcoin ETF issuer, emphasizing the company’s resilient track record and broad investment base. 

Recall that Bitcoin’s price grew 70% from last year when a Federal Court in the United States concluded that the U.S. Securities and Exchange Commission (SEC) must review its decision on rejecting Grayscale Investments’ creation of a spot Bitcoin ETF.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Tags: BitcoinETFsGrayscale
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Precious James

Precious James

Precious James is a seasoned forex and crypto trader who loves sharing insights through engaging and accessible content. When not analyzing markets, Precious enjoys quality time with their beloved dogs. This blend of expertise and personal passion adds a unique, relatable touch to Defi Planet's content.

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