Cryptocurrency markets were trading in the red on Tuesday after Bitcoin, the world's largest crypto token, fell below $40,000 for the first time since the launch of 11 spot Bitcoin exchange traded fund (ETF) on January 11.
"The crypto market is witnessing a healthy pullback after a massive bull run. Bitcoin, which almost touched $50,000 due to ETF euphoria is showing signs of cooling down mainly due to heavy outflows to Bitcoin ETFs. We may see a more stable Bitcoin as ETFs grow their AUM and drive mass adoption of the world’s largest digital asset," said Shivam Thakral, CEO of BuyUcoin.
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