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Bitcoin price falls below $40,000, what will happen?

Bitcoin’s decline over the last 48 hours is continuing, the cryptocurrency market is still sliding, and this drop doesn’t appear to have bottomed out yet. At the time of writing, the Bitcoin price is changing hands at $39,861.

bitcoin-price-falls-below-40000-what-will-happen

BTC/USD 4-hour chart | Source: TradingView

The Bitcoin price decline has not stopped

Not long ago, the Bitcoin price traded at $40,093, up slightly by 0.2% but then quickly broke the $40,000 mark. In the past 24 hours, Bitcoin price traded as low as $39,699, with the highest recorded at $40,454.

According to CoinMarketCap, Bitcoin traded during this period was $13.7 billion, with a market capitalization of $758 billion.

The world’s most valuable and popular cryptocurrency has just experienced an unstoppable decline. The cause of Bitcoin’s plunge is attributed to the US Department of Labor’s announcement that inflation is at a 40-year high. In addition, the geopolitical situation in Ukraine also has a significant impact on the prices of risky assets such as cryptocurrencies.

Bitcoin was previously considered a safe-haven alternative to gold. However, the current developments make many opinions skeptical of this, leaving the future of Bitcoin still quite uncertain. In the long run, experts say the regulatory framework will be a positive for cryptocurrencies. However, the market remains unclear whether current governments are crypto-friendly.

Bitcoin was previously considered a safe-haven alternative to gold. However, the current developments make many opinions skeptical of this, leaving the future of Bitcoin still quite uncertain.

Experts say the regulatory framework will be a positive for crypto in the long run. However, the market remains unclear whether current governments are crypto-friendly.

Bitcoin’s decline returned to the market movement and caused many large-cap altcoins to plunge. ETH has dropped 4% in the past 24 hours, trading at $2,719. The market also recorded some bright spots, but these efforts were insufficient to pull the market.

The total market value recorded at press time is $1,800 billion, $3.4 billion less than 24 hours ago.

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