The landscape around bitcoin took another turn for the worse in the past 24 hours as the asset fell to its lowest price position in almost two months.
Bitcoin Falls Toward $26K
Bitcoin was trading sideways for a few days until Tuesday and sat calmly around $27,500, anticipating the US CPI announcement, which was scheduled for Wednesday. Once the numbers came out and it turned out that the inflation increase is slightly lower than expected, the cryptocurrency actually went on the offensive and spiked by $800 to just under $28,400.
However, that was short-lived, and BTC fell hard in the following hours to under $27,000. Despite recovering some ground at first, the asset started losing value once again in the past 24 hours.
This culminated in a drop to $26,100 (on Bitstamp) early today, which was bitcoin’s lowest price position since mid-March. Despite recovering a few hundred dollars since then, BTC is still over 4% down on the day.
As such, its market cap has slipped to $510 billion, and its dominance over the alts has taken a hit and is down to 46.3%.
Somewhat expectedly, the enhanced volatility has resulted in roughly $150 million in liquidations on a daily scale, according to CoinGlass.BTCUSD. Source: TradingView
Alts in Red
Ethereum is another notable loser in the past 48 hours. Despite the declining amount of ETH sitting on exchanges, the asset’s price has slumped by $250 in this timeframe to drop to a 6-week low registered earlier today.
Binance Coin is close to breaking below $300 after a 2.3% daily drop. MATIC, DOGE, SOL, DOT, TRX, LTC, and SHIB are also well in the red from the larger-cap alts. Interestingly, XRP is the only alt with a minor daily increase.
In total, the crypto market cap has seen $40 billion gone daily, and the metric is at just over $1.1 trillion.Cryptocurrency Market Overview. Source: Quantify Crypto
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