Bitcoin Drops to $40,000 Level, Lowest Since December, Impacting Crypto Stocks

Bitcoin fell back to $40,000 on Thursday, down 3.6% after earlier hitting a low of $40,601.37, its lowest since December 18th. The slide in bitcoin prices weighed on crypto-related stocks like Coinbase and MicroStrategy, which closed down 7% and 2, respectively. Crypto data analyst Julio Moreno said the market is still in a correction following the launch of the first US Bitcoin ETF in mid-January. Moreno previously projected the correction could take Bitcoin as low as $36,000. It is down 12% since the ETF launch and 3% for the year so far.