At the beginning of the new week, bitcoin (BTC) experienced a decline to the level of $40,521, which led to a loss of 7.5% of its value per day. However, on December 11, the cryptocurrency exchange rate began to gradually recover, as European investors joined the bidding, as reported by Bloomberg.

At the time of writing, bitcoin was trading at $42,245, while ether (ETH) dropped to $2,249 and Binance Coin (BNB) fell to $234.

On the other hand, mid-cap altcoins continue to strengthen. For example, Cardano (ADA) has grown by almost 10% over the past week, reaching $0.098, and Avalanche (AVAX) increased its value by 58.5% over the same period, reaching $36.11.

The Bloomberg Galaxy Crypto 100 index fell by about 4%, which is the most significant decline since November 22.

Tony Sycamore, an analyst at IG Australia Pty, does not rule out the possibility of further lowering the price of bitcoin to the $40,000 mark. He is also considering a more bearish scenario in which the cryptocurrency exchange rate could fall to $37,500.

In general, the bitcoin exchange rate has increased by more than 150% over the year. According to the IntoTheBlock platform, 76% of bitcoin holders are still making profits, while 13% of holders of this digital currency are now suffering losses.

The co-founder of Digital Asset Capital Management, Richard Galvin, believes that sales can continue for several days, which may further increase the pressure on digital currencies.