The US Securities and Exchange Commission finally greenlighted nearly a dozen spot Bitcoin ETFs to be traded on financial markets last week. But they turned out to be a sell-the-news event, after which the price of the underlying asset slumped by 15% in a week or so. Since then, BTC has been unable to recover a bigger portion of its losses and currently below $42,000. According to the crypto community, as well as traditional investors, the asset is worth $49,000 today.
Source: Jordan Lyanchev, 2024-01-21; https://cryptopotato.com/why-is-bitcoin-btc-price-down-15-since-the-etf-approvals-chatgpt-rival-weighs-in/