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As the market’s enthusiasm for the Bitcoin ETF listing wanes, Bitcoin has fallen below $40,000 for the first time since early December last year💰⬇️

As of 2:42 PM New York time on Monday, Bitcoin momentarily fell by 5.3% to $39,556. This is the lowest level since December 4th. Smaller cryptocurrencies Ethereum and Solana fell by 6.7% and 9.3%, respectively.

After experiencing a bull market that pushed Bitcoin up nearly 160% last year📊📈, digital tokens have mostly been on a downward trajectory so far this year. The previous rally was largely attributed to expectations that the U.S. Securities and Exchange Commission (SEC) would approve a Bitcoin spot ETF. The SEC approved applications for Bitcoin ETFs from 11 companies on January 10th. Affected by ‘sell the news’ trades, Bitcoin began to give back some of its gains after the SEC’s announcement.

In stark contrast, global stock markets rose on Monday📈📊. The European Stoxx index rose by 0.7%, and the Nasdaq 100 index increased by 0.2%, as the market remained optimistic about the resilience of the U.S. economy ahead of the release of fourth-quarter GDP data on Thursday😌✅

“We are seeing all digital assets performing weakly, as the inflow of funds into new ETFs has so far failed to offset profit-taking by speculative traders who had established positions before the announcement,” said Caroline Mauron, CEO of digital asset derivatives liquidity provider Orbit Markets. “While $40,000 may be an important psychological threshold, we do not believe that breaking this level will trigger a series of liquidations, with the next support level expected to be around $38,000.” 🉑💰”

#Bitcoin #ETFEnthusiasmFades #ETFListing #DigitalTokens #USEconomy #DigitalTokens #SupportLevel #GlobalStockMarkets