Major cryptocurrencies on Monday evening dropped as selling pressure continued to outweigh buying activity. What Happened: A wave of spot Bitcoin ETFs commenced trading on Jan. 11, propelling Bitcoin to $49,000 shortly after their debut. However, this surge was short-lived, and the price has been declining, dipping below $40,000 recently. Despite the current downturn, Bitcoin still holds a value over double that of the previous year. The newly introduced spot products have attracted significant capital infusion, with BlackRock’s (IBIT) and Fidelity’s (FBTC) each amassing over $1 billion in ass…

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