Bitcoin’s price has dipped to its lowest point since December 2020 amidst bearish cryptocurrency market sentiments to trade at US$28,652, according to CoinMarketCap data at press time.
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The crypto bear run extended on Thursday, as China’s inflation rose by 1.5% in April from March amid lockdowns and supply chain disruptions, while U.S. inflation (CPI) rose by 8.3% in the same period.
Ethereum is now at its cheapest value since July 2021 after a 15.16% daily drop trade at US$2,017.83 at press time.
Top 10 non-stablecoin cryptocurrencies are reeling from losses as the global crypto market capitalization fell by more than 13%, with XRP, Cardano (ADA), and Dogecoin sliding by over 25% in the past 24 hours.
The BNB price dropped by over 19% while Solana’s losses exceeded 30% in the past 24 hours.
UST, Terra’s algorithmic stablecoin which lost its dollar peg earlier this week, is trading at US$0.68 after recovery measures have been announced.
Traditional finance was also in loss territory as the S&P 500 closed down 1.65% on Wednesday, the Dow Jones Industrial down 1.02%, and Nasdaq Composite down 3.18%.
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