https://ift.tt/hjQMYrC Market Fumbles With Bitcoin (BTC) Price Falling Below $41K Level

• Bitcoin has been down 3.41% in the last 24 hours.
• The Bitcoin price is expected to reach $30,000 by June 2022 as per Hayes.

It’s deja vu: the global cryptocurrency market value has fallen below $2 trillion. There were some dips early on in the week as Bitcoin and other assets fell back into the red. On Monday morning, Bitcoin plummeted below $41,000, Ethereum plunged to about $3,050 following a 5.8 percent drop, and numerous other cryptocurrencies were also affected. The current selloff has impacted the Layer 1 networks Solana, Cardano, Polkadot, and Terra, pushing the global crypto market worth down to around $1.97 trillion.

Recent Volatility a Huge Concern

The pessimistic update has arrived despite the Luna Foundation Guard’s unwavering devotion to open-market Bitcoin accumulation. With a nine-figure Bitcoin purchase over the weekend, Terra’s foundation, which was only recently founded to generate reserves for Terra’s UST stablecoin, increased its hoard to just under 40,000 Bitcoin, worth nearly $1.6 billion at press time. 

Furthermore, according to well-known crypto researcher @PlanB, 70% of the 19 million Bitcoin are profitable and looking at an average increase of three times ($42k/$14k). On the other hand, 30% of all Bitcoin is in the red and is expected to suffer a loss of -20% ($42k/$50k).

Some traders have expressed pessimism about crypto’s price potential due to recent volatility in the near and long term. This morning, Arthur Hayes, the former CEO of BitMEX, wrote on Medium that crypto’s tight association with the stock market would cause prices to continue falling. The Bitcoin price is expected to reach $30,000 by June 2022, while Ethereum is expected to trade “north of $10,000” by the end of the year, according to another article by Hayes published only ten days ago.

According to CoinMarketCap, the Bitcoin price today is $40,880.00 USD with a 24-hour trading volume of $29,761,729,649 USD. Bitcoin has been down 4.21% in the last 24 hours.