Bitcoin, the world’s largest cryptocurrency, which has been unable to break off the bearish pressure fueled by macroeconomic issues, experienced its third-largest single-day drop in a decade this weekend, as its price fell to under $25k.
Bitcoin Falls Under $25k
The crypto market crash has been gathering momentum, coming to a head on Sunday after U.S. data showed an 8.6% rise in inflation in May from the year prior, marking the fastest increase since December 1981.
The 24 hour price chart for Bitcoin (BTC). Source: CoinMarketCap
Since the release, the price of Bitcoin has fallen sharply over the last 24 hours, dropping by 11.3%, and by as much as 22% over the last seven days. Bitcoin fell to as low as $24,400 over the weekend—its lowest price since November 2020.
The 7 day price chart for Bitcoin (BTC). Source: CoinMarketCap
More than $100 Billion Wiped off the Global Crypto Market Cap
Bitcoin is not the only crypto tumbling today, with each of the top 10 Altcoins ranked by market cap reporting losses of at least double digits for the last 24 hours.
The resulting market crash has wiped off more than $100 billion from the global crypto market cap, which has fallen to below $1 trillion for the first time since February 2021.
The cumulative crypto market cap now stands at $985 billion, with Bitcoin dominating 47.2% of the market.
On the Flipside
- CEO of Devere Group Nigel Green predicts Bitcoin to undergo a significant bull run and price rise in the fourth quarter of the year.
Why You Should Care
The sell-off catalyzing the sharp decline of the crypto market is being fueled by inflation concerns, which are only predicted to worsen.
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