Why did Bitcoin price (BTC) crash to $40,000? Here’s what cryptocurrency analysts are saying:

BTC fell from around $45,000 to $40,800 in a matter of hours early Wednesday, according to CoinDesk index data. This is around the same time that Singapore-based digital asset company Matrixport released a report authored by Markus Thielen predicting that the U.S. Securities and Exchange Commission would reject the whole thing. The application for a spot Bitcoin ​ETF overturned Tuesday’s forecasts that predicted approval was imminent and BTC would rise to $50,000.