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Bitcoin fell to a seven-week low on Monday, hovering below $40,000 for the first time since the launch of 11 spot bitcoin exchange-traded funds on Jan. 11. The world's largest cryptocurrency was last down 3.98% at $39,938.00, trading at its lowest since Dec. 4 after a brief recovery. Ether , the second largest cryptocurrency, was down 6.37% at $2,328.30. Bitcoin had rallied on growing excitement the US Securities and Exchange Commission (SEC) would approve bitcoin ETFs, opening up the cryptocurrency to a slew of new investors. Bitcoin gained around 70% from August, when a federal court forced the SEC to review its decision to reject Grayscale Investment's bitcoin ETF application. Some analysts said they had expected bitcoin to initially pare some of those gains. Other market-watchers said on Monday the cryptocurrency was having trouble competing with traditional stocks after the S&P 500 benchmark index notched fresh record highs on Monday driven by semiconductor and ...

Bitcoin staggered into 2022. It ends the year slumped in an alleyway, robbed of its cocktail of cheap money and leveraged bets, shunned by the establishment. The preeminent Cryptocurrency has lost 60% of its value, while the wider crypto market has shrunk by $1.4 trillion, squashed by rising interest rates, vanishing risk ap Pet ite and corporate collapses including Sam Bankman-Fried's FTX. Crypto funds have seen net inflows of $498 million in 2022, versus $9.1 billion in 2021, according to data from digital asset manager CoinShares, reflecting how mainstream finance has steered clear of the market through its annus horribilis. James Malcolm, head of FX strategy at UBS, said that in the first half of the year he had spent 70% of his time with clients talking crypto. By contrast, during 10 days in North America last month, from Montreal to Miami, "I spent less than 2% of my time discussing crypto". Even last year, before the decline began in November, cryptocurrencie...