BitcoinBTC has crashed under $20,000 per bitcoin after a huge crypto market meltdown wiped away around $400 billion of value in just a week.

The bitcoin price—now dropping under the psychological $20,000 barrier that bitcoin first topped in late 2017 before entering a three-year bear market—has lost around $10,000 from its price since earlier this month as fears over Federal Reserve monetary tightening and the rising risk of a recession weigh on asset prices across the board. EtherETHeum and other major cryptocurrencies BNBBNB, XRPXRP, solana and cardano have all crashed along with the bitcoin price.

Ahead of the latest crypto crash, billionaire investor Jeff Gundlach warned he wouldn't be surprised to see the bitcoin price fall further to hit $10,000—calling the trend in crypto "clearly not positive.

""When it broke below $30,000, it looked on a chart basis $20,000 was going to happen quickly, and it did. The trend in crypto is clearly not positive," Gundlach told CNBC this week.

"It looks like it's being liquidated. I'm not bullish at that $20,000 or $21,000 on bitcoin. I wouldn't be surprised at all if it went to $10,000."