Bitcoin falls below 39 thousand

The cryptocurrency Bitcoin lost nearly 5 percent of its value, falling below $39,000 for the first time since December of last year. Bitcoin has fallen more than 20 percent since the first spot ETFs began trading on January 11, as speculators became more cautious about the potential impact of the products. Thus, Bitcoin fell below $39,000 for the first time since December. Bitcoin had been on the rise with the expectation that the U.S. Securities and Exchange Commission (SEC) would approve a Bitcoin spot ETF (exchange-traded funds), making the cryptocurrency accessible to new investors. On January 10, the SEC approved exchange-traded funds that directly track the price of Bitcoin. This made it easier for institutional and private investors to enter the crypto market. When the performance of Bitcoin, the largest cryptocurrency, is evaluated in 2023, Bitcoin outperformed traditional assets such as stocks, increasing by almost 160 percent last year. Cryptocurrencies such as Ether and BNB, which are second in market value along with Bitcoin, have experienced sharp declines since the beginning of the year. "Due to the downtrend, the next significant price levels that could provide support for Bitcoin are estimated to be between $38,000 and $36,000," analysts at crypto exchange Bitfinex wrote in a note.