Bitcoin Experts Say Price Plunge To $39,000 Is 'Healthy For The Market': Here's Why
Portfolio Pulse from Murtuza Merchant
Bitcoin's drop below $39,000 is seen as a healthy correction by industry experts, who believe it sets the stage for a stronger bull run. The decline is attributed to profit-taking and adjustments following the launch of spot Bitcoin ETFs. Ether also fell in value, with analysts pointing to Grayscale's outflows and tepid responses to the ETFs as contributing factors.
January 23, 2024 | 2:44 pm
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Grayscale's Bitcoin Trust (GBTC) may face pressure due to the overall downturn in Bitcoin's value and the lukewarm response to the launch of spot Bitcoin ETFs.
As GBTC is directly tied to the performance of Bitcoin, the negative sentiment and price action in the cryptocurrency market, especially the underwhelming response to spot Bitcoin ETFs, could lead to a short-term decline in GBTC's price.
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