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 again
Last week looked a bit more positive for the major cryptocurrency as it challenged $32,000 a few times. During one of the attempts, BTC broke above this level and hit a multi-week high of $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, US CPI numbers came out, pointing to a new 40-year high in inflation – an 8.6% year-over-year increase. As with previous examples, the news led to increased volatility in the crypto markets and BTC slid over $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%.
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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 biggest losers, with a daily decline of 7%. As a result, ETH dropped 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 low and mid-cap alts also retracing, it’s no wonder the crypto market cap fell by $60 billion in one day and is below $1.2 trillion now.
