Bitcoin Tumbles to One-Month Low Amid ETF Disappointment

Bitcoin has dropped to its lowest level since mid-December as the excitement over new exchange-traded funds (ETFs) fades, causing the cryptocurrency to be in the red since the beginning of 2024. The largest digital asset flirted with a drop below $40,000 before trading at $40,843, marking a 4% decline in the past 24 hours. Speculative demand for Bitcoin, fueled by the anticipation of ETF launches and bets on looser monetary policy, has waned. Additionally, smaller tokens like Ether, Solana, and Polkadot have also struggled. The market is now assessing the impact of the ETFs and adjusting expectations for interest-rate cuts.