Bitcoin Plummets $1500 After US CPI Announcement

Key Points:

• Bitcoin fell to a 6-week low of under $27,000 after a volatile rollercoaster ride following the US announcing CPI data for April.
• Altcoins also experienced similar price fluctuations and are mostly trading in the red on a daily scale.
• The total market cap is still at $1.130 trillion after losing $70 billion in the past week or so.

Bitcoin has been experiencing a significant amount of volatility recently. For days, the cryptocurrency was relatively quiet, with no major moves in either direction.

However, that changed when it failed to overcome $30,000 on Saturday morning and was pushed back down by a grand. On Monday and Tuesday, it fell to $28,000 and remained there for a day or so. The cryptocurrency market was anticipating more volatility as the US was scheduled to announce the CPI numbers for April. The announcement caused an immediate price increase for bitcoin, driving it from $27,500 to over $28,300.

However, shortly after the pump, the cryptocurrency plummeted by over $1,500 in minutes, dumping to a 6-week low of under $27,000. The volatile rollercoaster continued in the following hours, but in the opposite direction. As of now, Bitcoin stands where it sat yesterday – at around $27,500. Its market cap is still just over $530 billion, while its market dominance is inches away from 47%.

The altcoins experienced similar price fluctuations yesterday, but the overall situation today is that they are with minor losses. Ethereum, for example, also headed toward $1,900 during the pump phase of the CPI announcement but plummeted to under $1,800 hours later. It trades slightly above the latter as of now.

Binance Coin, Ripple, Dogecoin, Polygon, Tron, and Shiba Inu are also slightly in the red on a daily scale. Cardano, Solana, Polkadot, and Litecoin, on the other hand, are with insignificant gains. ATOM is the only notable gainer from the larger-cap alts, having jumped by roughly 6% in the past 24 hours and trading above $10.

It’s worth mentioning that the total market cap is still at $1.130 trillion after losing $70 billion in the past week or so. This is a significant loss, especially when considering that the crypto market was on an upward trend until recently. Nonetheless, it’s important to note that these fluctuations are common in the cryptocurrency market and can be attributed to various factors such as market sentiment, regulations, and news announcements.

While the crypto market has experienced significant volatility recently, it’s important to remember that it’s a long-term investment and fluctuations are to be expected.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Annie

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