From Investing.com:

Bitcoin fell 4.3% to $39,867.0, after an initial boost from approval of spot exchange-traded funds waned. The largest cryptocurrency’s performance has been disappointing, defying forecasts of a price surge with more institutional money. Approved spot ETFs were listed earlier this month but have fallen consistently, with Bitcoin pressured by resilient US dollar and fading rate cut expectations.

SEC’s approval of spot ETFs offered regulatory credibility to crypto industry but current losses in Bitcoin contrasted sharp rallies in traditional markets such as U.S. equities. However, SEC Chairman Gensler and the industry are still wrestling with a loss of faith due to high-profile bankruptcies and regulatory crackdowns in recent years.



Read more: Bitcoin breaks below $40k as spot ETF hype wanes By Investing.com