After crossing the $45,000 mark earlier this week, bitcoin has once again slipped to the $43,000 level. This shift was noted with the United States releasing its highest inflation rate numbers in 40-years of 7.5%. With this, the popular crypto lost as much as $2,000 of its value.
Bitcoin is struck by its high volatility feature mainly in the weekends. It dropped as much as 5% over the past 24-hours. Stocks are also impacted. Analysts believe the set back is due to the rising geopolitical tensions between Russia and Ukraine. But the crypto market has been sensitive since the beginning of the year. And analysts expect it to remain under pressure for a few more months.
A crypto analyst tweeted that nothing has changed. Bitcoin is likely to move towards $40,000. According to CoinMarketCap, the world’s most popular crypto is down by 2.07% in the past 24-hours and is trading at $42,412.
Ether has lost its footing and slipped below $3,000. In the past 24-hours, ETH has been down by 4.04% and is trading at $2,946. Analysts say the selloff from $3,285 pushed ethereum marginally below the recent support level of $3,022. This move seems to be a false break. Similar slips have been observed in fellow altcoins like Cardano, Terra, Dogecoin and Binance Coin.
The altcoins are in the red – Ripple (-6.5%), Solana (-6.3%), Polkadot (-5.5%) and Shiba Inu (-5%). THETA lost 0.40% in the past 24-hours but has gained more than 20% in the past seven days.