In April 2022, the capitalization of bitcoin decreased by about 13% to $762.989 billion. The BTC rate on Tuesday, April 12, fell below $40,000 for the first time since March 16.
The coin quickly bounced back, and already during the European session, it bounced to $40,179. Ether (ETH) and Binance Coin (BNB) fell by 4.6% and 2.16% to $3,024 and $407, respectively.
The biggest losses were Solana (SOL) and Cardano (ADA), these altcoins lost more than 6% in value and fell to $103.24 and $0.952. The capitalization of the crypto market has decreased to $1.858 trillion.
Earlier this week, BitMEX co-founder Arthur Hayes published an article on his blog in which he did not rule out a larger Bitcoin pullback. Moreover, along with the largest digital currency, other coins will inevitably suffer losses, the expert predicts.
Hayes believes that already in the current cycle, Bitcoin and Ethereum are threatened with a fall to $30,000 and $2,500, respectively.
So far, BTC is trading just above $40,000, but the pressure continues to intensify. In the coming hours, the coin may again fall below this psychological mark. The nearest support zone is $37,582.
In the event of aggressive sales in the spot market, the price of bitcoin could collapse to $26,000, Bloomberg analysts predict.