{"id":391109,"date":"2024-01-22T20:00:55","date_gmt":"2024-01-22T20:00:55","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=391109"},"modified":"2024-01-22T20:50:59","modified_gmt":"2024-01-22T20:50:59","slug":"bitcoins-fall-below-key-40k-threshold-amid-continued-sell-off","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/bitcoins-fall-below-key-40k-threshold-amid-continued-sell-off\/","title":{"rendered":"Bitcoin falls below key $40k threshold amid continued sell off"},"content":{"rendered":"<p><a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\"> Bitcoin<\/a> has plunged below the critical threshold of $40,000, marking a significant downturn in the cryptocurrency's value.<\/p>\n<p>Bitcoin was trading at $39,640 as of press time, down 18% from its peak of $49,000 earlier in January.<\/p>\n<p>The decline to around $40,000, Bitcoin's lowest level since mid-December of the previous year, has been driven by a sustained sell-off amid a series of macroeconomic and market-specific factors.<\/p>\n<h2>Dollar headwinds<\/h2>\n<p>A key contributor to Bitcoin's recent woes is the unexpectedly robust U.S. economic data, which has led to a tempered outlook for rate cuts by the Federal Reserve.<\/p>\n<p>This situation has bolstered the U.S. bond yields and the U.S. Dollar Index (DXY), creating substantial headwinds for cryptocurrencies at large.<\/p>\n<p>The U.S. interest rate futures market is still pricing in a near 50% chance of a 25-basis point rate cut in March, despite recent data and Federal Reserve policymakers suggesting otherwise. This dynamic poses potential macroeconomic challenges for Bitcoin.<\/p>\n<p>The <a href=\"https:\/\/cryptoslate.com\/sec-approves-spot-bitcoin-etfs-after-11-years-of-rejections\/\">approval<\/a> of several <a href=\"https:\/\/cryptoslate.com\/etf\/\">spot Bitcoin ETFs<\/a> in the U.S. has also played a key role in the volatility. While these ETFs initially drew significant capital inflows, they also triggered a &#8220;sell-the-news&#8221; reaction, contributing to the bearish momentum.<\/p>\n<h2>GBTC outflows<\/h2>\n<p>Notably, <a href=\"https:\/\/cryptoslate.com\/companies\/grayscale-investments\/\">Grayscale's<\/a> Bitcoin Trust (GBTC) experienced substantial outflows, with 52,800 BTC sold since its conversion to a spot ETF, reflecting both a shift towards new investment products and profit-taking activities.<\/p>\n<p>According to recent reports, FTX has sold $1 billion worth of GBTC shares since it was converted to an ETF, making up a significant portion of the total outflows.\u00a0The defunct exchange has sold-off almost the entirety of its holdings as of Jan. 22, which could lead to a reduction in the recent recent sell pressure.<\/p>\n<p>Despite the heavy sell-off, the nine newly launched ETFs have accumulated more Bitcoin than Grayscale has sold over the same period, as their assets under management hit $4.1 billion within six days of trading.<\/p>\n<p>The &#8220;<a href=\"https:\/\/cryptoslate.com\/bitcoin-etfs-buy-95000-btc-as-assets-under-management-hit-4b\/\">Newborn Nine&#8221; had purchased 95,000 BTC<\/a> as of Jan. 20, led by <a href=\"https:\/\/cryptoslate.com\/companies\/blackrock\/\">BlackRock<\/a> and <a href=\"https:\/\/cryptoslate.com\/companies\/fidelity-investments\/\">Fidelity's<\/a> ETFs \u2014 the two make up over 50% of the collective $4.1 billion in assets under management.<\/p>\n<p>CryptoSlate research revealed that the selling pressure was <a href=\"https:\/\/cryptoslate.com\/insights\/long-term-bitcoin-holders-start-to-cash-in-as-short-term-investors-face-losses\/\">further compounded<\/a> by short-term holders and traders selling their positions after the ETFs were approved \u2014 confirming a &#8220;buy the rumor, sell the news&#8221; event.\u00a0Additionally, whales have been securing profits on their holdings after 12 months of gains.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin has plunged below the critical threshold of $40,000, marking a significant downturn in the cryptocurrency&#8217;s value. Bitcoin was trading at $39,640 as of press time, down 18% from its peak of $49,000 earlier in January. The decline to around $40,000, Bitcoin&#8217;s lowest level since mid-December of the previous year, has been driven by a [&hellip;]<\/p>\n","protected":false},"author":1250,"featured_media":391124,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,78665,77968,6849],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin falls below key $40k threshold amid continued sell off<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/bitcoins-fall-below-key-40k-threshold-amid-continued-sell-off\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin falls below key $40k threshold amid continued sell off\" \/>\n<meta property=\"og:description\" content=\"Bitcoin has plunged below the critical threshold of $40,000, marking a significant downturn in the cryptocurrency&#039;s value. Bitcoin was trading at $39,640 as of press time, down 18% from its peak of $49,000 earlier in January. The decline to around $40,000, Bitcoin&#039;s lowest level since mid-December of the previous year, has been driven by a [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/bitcoins-fall-below-key-40k-threshold-amid-continued-sell-off\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-22T20:00:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-22T20:50:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2024\/01\/bitcoin-crash-wall-street.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1792\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Assad Jafri\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Assad Jafri\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/bitcoins-fall-below-key-40k-threshold-amid-continued-sell-off\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/bitcoins-fall-below-key-40k-threshold-amid-continued-sell-off\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/assad-jafri\/#person\",\"name\":\"Assad Jafri\",\"url\":\"https:\/\/cryptoslate.com\/author\/assad-jafri\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/assad-jafri\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/assad-jafri\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/02\/cs-syed.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/02\/cs-syed.jpg\",\"caption\":\"Assad Jafri\"},\"jobTitle\":\"Former Editor & Reporter\",\"description\":\"AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. 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