On the evening of Friday, April 12, quotes for the leading cryptocurrency dropped to the $65,000 level. The next day, digital gold recovered to levels above $67,000.
Data: TradingView. At the time of writing, Bitcoin is trading at $67,400. The total cryptocurrency market capitalization is below $2.6 trillion.
Other digital assets followed Bitcoin’s decline. Among the top 10 cryptocurrencies by market capitalization, Dogecoin (-13.7%), Solana (12.6%), and XRP (-11.5%) suffered the most losses over the day.
During this time, Ethereum dropped below $3,200, Solana below $150, and Toncoin below $6.
According to Coinglass, liquidations over the last 24 hours reached $937 million, of which $824 million were from long positions.
Liquidation map. Data: Coinglass. Former BitMEX CEO Arthur Hayes previously predicted Bitcoin’s decline before and after the halving. He referred to the event as a bullish catalyst for the market in the medium term.
According to Ripple CEO Brad Garlinghouse, the total market capitalization of digital assets will double in 2024 and exceed $5 trillion. His optimism is tied to Bitcoin spot ETFs and the halving event.
Recall that Mark Yusko, CEO of Morgan Creek Capital, forecasted Bitcoin’s rise to $150,000 by the end of the year. He is confident that Bitcoin’s growth post-halving will be ‘parabolic.’
Investor and billionaire Tim Draper made an even more bullish prediction regarding the price of digital gold — $250,000 by the end of the year.