In April 2022, Bitcoin’s capitalization shrank about 13% to $762.989 billion. BTC fell below $40,000 on Tuesday, April 12, for the first time since March 16.
The coin quickly rebounded and had already bounced back to $40,179 during the European session. Ether (ETH) and Binance Coin (BNB) fell 4.6% and 2.16% to $3024 and $407 respectively.
Solana (SOL) and Cardano (ADA) suffered the most losses, these altcoins lost more than 6% in value and fell to $103.24 and $0.952. The Crypto market’s capitalization fell to $1.858 trillion.
Earlier this week, BitMEX platform co-founder Arthur Hayes published an article on his blog in which he did not rule out a larger Bitcoin pullback. And along with the largest digital currency, other coins will inevitably suffer losses, the expert predicts.
Hayes believes that in the current cycle Bitcoin and ether may fall to $30,000 and $2500 respectively.
For now, BTC is trading just above $40,000, but the pressure continues to intensify. In the coming hours, the coin may fall below this psychological mark again. The nearest support zone is around $37,582.
In the case of aggressive sales on the spot market Bitcoin price may collapse to $26,000, analysts predict Bloomberg.