On the evening of Friday, April 12, the price of the leading cryptocurrency fell to $65,000. The following day, digital gold recovered to levels above $67,000.
At the time of writing, Bitcoin is trading at $67,400. The total cryptocurrency market capitalization is below $2.6 trillion.
Following Bitcoin, other digital assets also plummeted. Among the top 10 cryptocurrencies by market capitalization, Dogecoin (-13.7%), Solana (-12.6%), and XRP (-11.5%) saw the largest losses over the day.
Meanwhile, Ethereum briefly fell below $3,200, Solana under $150, and Toncoin below $6.
According to Coinglass, the volume of liquidations in the past 24 hours reached $937 million, with $824 million being long positions.
Previously, former BitMEX CEO Arthur Hayes suggested Bitcoin might fall before and after the halving, though he described the event as a bullish catalyst for the market in the medium term.
Ripple CEO Brad Garlinghouse believes that in 2024, the total capitalization of digital assets will double, surpassing $5 trillion. His optimism is linked to spot Bitcoin ETFs and the halving.
CEO of Morgan Creek Capital Mark Yusko has forecasted that the leading cryptocurrency could soar 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 has made an even more bullish prediction for the price of digital gold, expecting it to reach $250,000 by the end of the year.