The price of BTC and other cryptocurrencies fell sharply, especially Bitcoin price dropped 5% within 24 hours to more than $ 27000 when the news of record high inflation (more than 8%) of the US was just announced to shake the market, according to the Wall Street Journal (WSJ).
Will Bitcoin reach $26700?
After the inflation index in the US was announced to continue to increase by more than 8%, a record high in the past 40 years, causing the BTC price to drop 3.8% on June 10. This has had a significant impact on the financial markets, and cryptocurrencies are no exception. Liquidity in crypto is constantly being netted, causing the BTC price to suffer and the altcoin price to plummet.
Total market capitalization yesterday fell more than 8% from 1.18 trillion to 1,095 trillion.
BTC price dropped more than 5% from $29383 to $27548 near final support at $26779.
In addition, the Bitcoin Dominance Index is continuously increasing and has hit a strong resistance level at around 48.43%. That shows that there is a large amount of Altcoins being converted to BTC.
Bitcoin Dominance Index has greatly influenced altcoin prices today, the market is extremely red. Most altcoins are down from 9%-25% in price.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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