After the US announced the latest record-setting CPI data, bitcoin dumped below $30,000 and registered a two-week low. The altcoins are in an even worse shape, with ETH plummeting to its lowest price level since March 2021.
Bitcoin Falls Down Again
This past week seemed somewhat more positive for the primary cryptocurrency as it challenged $32,000 on a few occasions. During one of the attempts, BTC broke above that level and marked a multi-week high at $32,400.
However, the bears stepped up at every turn and didn’t allow any increases. Ultimately, they brought BTC down to $30,000, where the asset spent the last two days.
At this point, the US CPI numbers came out, indicating a new 40-year record in terms of inflation – an 8.6% YOY increase. As with previous examples, the news led to enhanced volatility in the crypto markets, and BTC slipped by more than $1,000 in hours.
Dropping below $29,000 meant a new lowest level since the end of May. As of now, BTC stands just over that line. Its market cap is down to $560 billion, but the dominance over the alts is up to 46.7%.
BTCUSD. Source: TradingView
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ETH Sees Yearly Low
Aside from LEO, which is slightly in the green now, the rest of the altcoins didn’t enjoy the past 24 hours either.
Ethereum is among the most substantial losers, with a 7% daily decline. As a result, ETH dumped below $1,700 and saw its lowest price position since March 2021 at around $1,650 (on Bitstamp).
Solana, Avalanche, and MATIC have all lost similar percentages from the lower-cap alts. Ripple, Cardano, Dogecoin, Polkadot, TRON, and Shiba Inu are in the red as well.
With the lower- and mid-cap alts also retracing, it’s no wonder that the crypto market cap is down by $60 billion in a day and is under $1.2 trillion now.
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