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Bitcoin Drops to $40k, 1 Experts Predicts Decrease to $30k
Summary: Bitcoin continues to drop, as it is now at $40,685, a price we haven’t seen since March 22, of this year according to BitPush Terminal data. Unfortunately for investors, this price doesn’t seem to be going anywhere according to BitMex’s former CEO, Arthur Hayes, who has the king of crypto going to around $30k by ...
Bitcoin continues to drop, as it is now at $40,685, a price we haven’t seen since March 22, of this year according to BitPush Terminal data. Unfortunately for investors, this price doesn’t seem to be going anywhere according to BitMex’s former CEO, Arthur Hayes, who has the king of crypto going to around $30k by June in his latest blog post.
“The great thing about a 24/7 market accessible to all humans with an internet connection is that things happen quickly,” Hayes said. “By the end of the second quarter in June of this year, I believe Bitcoin and Ether will have tested these levels: Bitcoin: $30,000 Ether: $2,500”
Despite this further decrease, he noted that it opens the door up for a reentry into bitcoin and ethereum at very low prices. In his conclusion, he noted that there is always a chance he could be wrong and that these predictions are nothing more than speculation.
This price drop comes despite the fact that the Luna Foundation Guard (LFG), a Singapore-based nonprofit organization dedicated to improving technologies behind the digital world, continues to bolster their bitcoin wallet which is now up to 40,000 bitcoin for a value of $1.6 billion. Over the weekend, they purchased an additional $173 million in bitcoin.
Coindesk argues that this gradual drop could be from traditional investors not following LFG in this amid political uncertainties in this challenging global climate.
In addition, PlanB, a Twitter account dedicated to analyzing Bitcoin, tweeted that 70% of bitcoin is still profitable even at the current price of $40k, while 30% would take a loss if it were sold now.
The decrease in bitcoin value comes as the cryptocurrency market cap has dropped below $2 trillion, coming in at $1.93 trillion. That is a 2.75% decrease on the day according to BitPush Terminal data.
Author: Tyler Irvin
