Bitcoin continues to drop to two-month lows, leaving the market in the red.
Bitcoin Drops Below $26000
After April US inflation data released on Wednesday was lower than expected, Bitcoin bounced from $27,500 to above $28,000.
However, that was short-lived, and BTC plummeted shortly after to $27000. Despite the recovery, over the past 24 hours Bitcoin continued to decline towards $26120, which is Bitcoin’s lowest price since mid-March 2023.
The sharp drop in Bitcoin also led to a large volume of long positions being liquidated, according to data from Coinglass, in the past 24 hours there has been a total of nearly $150 million in liquidations.
The market is in the red
The drop in Bitcoin caused Altcoins to also plummet, according to data from Binance, Ethereum is down nearly 2% in the past 24 hours and is trading at $1,775.
BNB is also down nearly 2.3% over the past 24 hours and trades at $306 at press time. Other top altcoins such as MATIC, DOGE, SOL, DOT, TRX, LTC and SHIB are also in the red. Notably, only XRP is the only Altcoin that has grown in the last 24 hours.
The total crypto market capitalization has lost $40 billion in the last 24 hours and currently hovers at just over $1078 billion.