NEW YORK, January 23, 2024 - Bitcoin, the world’s leading cryptocurrency, saw a sharp decline on January 22, falling to a seven-week low and dipping below $40,000 for the first time since the launch of 11 spot bitcoin exchange-traded funds (ETFs) on January 11, according to Reuters.

The cryptocurrency fell by 3.98%, settling at $39,938.00, its lowest point since December 4. Ether, the second-largest cryptocurrency, also faced a notable drop, losing 6.37% and reaching $2,328.30.

Bitcoin's recent surge in value had been driven by optimism surrounding the U.S. Securities and Exchange Commission’s (SEC) potential approval of bitcoin ETFs, which was expected to attract new investors. Since August 2023, Bitcoin had gained around 70%, spurred by a federal court ruling that forced the SEC to reconsider its rejection of Grayscale Investment’s bitcoin ETF application.