Bitcoin slashes through $40K to lowest since August

Bitcoin (BTC-USD) dips below $40K per token to its lowest level seen since August 2021 as the global crypto market cap continues to plunge. The global crypto market cap declines nearly 4% to 1.87T, according to data from CoinMarketCap. Recall last week when the market cap fell below $2T amid continued selling pressure. Since the onset of 2022, the world's largest digital coin by market cap drops more than 15%, bringing its Y/Y return down to just 4%. BTC proxy Grayscale Bitcoin Trust (OTC:GBTC) falls 10.3% just in the past five sessions. For a chart pattern perspective, Bitcoin's (BTC-USD) head and shoulders pattern, a bearish chart pattern, completed last week," Beleggers Belangen Investment Specialist Karel Mercx writes in a Twitter post. "Now the upward trend of the past two years is in jeopardy," he adds. On the other hand, the second largest crypto, ethereum (ETH-USD -2.7%) also tanks below $3K per token intra-day, though its Y/Y return