Bitcoin slipped below $39,000 during the European morning, its lowest level since the start of December, as institutional sales tied to recently launched ETFs continue to weigh down BTC. CoinDesk 20, a liquid index that tracks the highest tokens by capitalization, fell nearly 6%, indicative of average declines in the broader crypto market. Analysts at crypto exchange Bitfinex said in a Tuesday note that the recent slump in bitcoin prices had wiped out gains for short-term investors – with realized losses increasing, adding to a market drop. “Many holders, especially those who acquired BTC less than a month ago, are now exiting the market at a loss,” the analysts said. “Such a substantial decrease in average profits for short-term holders, who tend to react more acutely to short-term market fluctuations, can be a precursor to selling pressure or exit liquidity.”

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• Source: https://www.coindesk.com/markets/2024/01/23/first-mover-americas-bitcoin-slips-below-39k/?utm_medium=referral&utm_source=rss&utm_campaign=headlines