According to the news portal CNBCOn Wednesday, amid a general crisis in the cryptocurrency market, the price of bitcoin fell 2.42% to $28,716.15 and continues to decline, according to Coin Metrics. Ether price fell 4.93% to $2021.95 after the results of yesterday’s trading.
The price of cryptocurrencies and stocks fell after the US Bureau of Labor Statistics reported an 8.3% rise in consumer prices in April — slightly more than economists polled by Dow Jones staff had expected.
This scared off investors who rushed to get rid of risky assets, including cryptocurrencies. According to experts, both stocks and crypto assets fell in price, causing panic in the market.
Bitcoin has fallen below $29,000 for the second time in a week. Experts consider $30,000 to be a significant starting point for bitcoin – it recently rose to $40,000 but soon lost all gained positions.
In addition, investors are evaluating the news about the Terra project – the unexpectedly popular stablecoin TerraUS quickly collapsed, its exchange price was far below the declared $1. The stablecoin is known to have been backed by other digital assets, including Bitcoin.
At the time of writing the material, Bitcoin price was $26,000-$27,000 according to CoinDesk and continues to fluctuate.