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Bitcoin Loses Its $40,000 Support Level

It has been a journey of higher highs and lower lows in the crypto space this year. Bitcoin has been on the list of coins that suffered a great bearish cycle. It lost its $40,000 support level just last night and for the very first time in a month and two weeks.

Bitcoin was valued at $47,200 earlier on Monday 20, and later went as low as $39,600 on the same day. This is one of the recent lows bitcoin has corrected to since after the greatest dip between May and June.

In all of its movements this year, it has witnessed significant pullbacks and has even recorded some highs this month. Bitcoin is currently trading around $42,000 – $43,000

So many experts believe this coin will still hit six figures as we approach Q4. While others have been skeptical and are in a state of panic due to the bearish trend in the market of late.

According to CoinGecko, the records show that not just bitcoin suffered a heavy decline in its price value, so many top coins too on the list did suffer the same fate during these periods.

One report indicates that there has been extreme greed in the market leading to the downturn of the digital asset(s).

“As long as bitcoin continues to hold its $40,000 support level. Ethereum also keeps a hold of its $2,800 support level, I feel the market is right where it should be and that is a good sign that we are in good business,” This statement was made by Galaxy Digital CEO Mike Novogratz in his interview with CNBC.

Few hours after the statement comparing stablecoins to poker chips and demanding for stricter rules and policies to be implemented on the crypto space was made by the Securities and Exchange Chairman, Gary Gensler, the market witnessed a decline.

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