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International Business Times

Business

Nica Osorio

Bitcoin Plummets At $38K Mark Amid Grayscale's Massive $600M Sell-Off

Bitcoin Grayscale GBTC Crypto Coinbase ETF Grayscale Bitcoin Trust King Charles III

Bitcoin (₿) is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto and started in 2009, when its implementation was released as open-source software. (Credit: Jorge Franganillo/flickr)

KEY POINTS

Bitcoin nosedived to $38,505 approching a new low since the approval of spot Bitcoin ETFs
GBTC saw nearly $600M outflow on Tuesday
At 2:22 a.m. Eastern Time on Wednesday, Bitcoin positioned itself in the positive territory with a trading price of $40,006.63

Bitcoin, the world's oldest crypto asset, experienced a notable decline as it traded at the $38,000 price level. This descent, which started at the onset of the week and persisted into the following day, aligned with the substantial BTC selloff by Grayscale Investments, totaling nearly $600 million in asset value.

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