Summary
TLDR: Spot bitcoin ETFs debuted and caused a brief surge in bitcoin’s price to $49,000, but it has since dropped and fell below $40,000. Despite the decline, bitcoin remains more than double its value from a year ago.
Key Points
1. Spot bitcoin ETFs began trading on Jan. 11, causing a surge in bitcoin’s price to $49,000. However, the price quickly dropped afterwards.
2. The price of bitcoin has been declining since the launch of spot bitcoin ETFs and has now fallen below $40,000, reaching its weakest level since early December.
3. Despite the recent decline, bitcoin is still more than double its value compared to a year ago.