- The price of Bitcoin has dropped by 3% in the last 24 hours and is now approaching $40,480.
- BTC is facing pressure as Grayscale sells more Bitcoin through its GBTC platform.
The price of Bitcoin has been on a downward trend in recent days, with a 3% drop on Monday. This has also caused a 4% decrease in the global crypto market cap, dropping to $1.65 trillion. Many altcoins have also seen declines, with Ether dropping below $2,400, Solana below $87, and XRP below $0.52.
Some of the biggest losers in the market include Injective, Near Protocol, and Avalanche, with declines nearing double digits in the past 24 hours.
Bitcoin price dips amid Grayscale BTC dump
The struggles of the flagship cryptocurrency have been exacerbated by Grayscale Investments transferring more BTC to Coinbase Prime. According to blockchain data from Arkham Intelligence, 15,308 BTC were traded on Monday, with a total value of $63,991. Grayscale has deposited over $2.68 billion in BTC since the launch of its GBTC Exchange-Traded Fund on January 11. Currently, Grayscale holds 549,116 BTC worth $22.3 billion.
BTC price forecast
If the pressure to sell GBTC continues, there is a chance that Bitcoin’s price could drop below critical support levels. However, if there is strong buying pressure, the price could rebound and potentially reach $43,000 or even $49,000. As of Monday at 11:15am ET, BTC was trading at $42,480.
