Bitcoin has broken through the level of $26 thousand

The bitcoin exchange rate continues its decline, which began yesterday. The current quote of the most popular cryptocurrency is $27.775.40, the daily minimum was marked at $25.845. The market capitalization of the asset decreased to $515 billion with daily trading volumes of $ 71 billion. 

The crypto market began to decline after the publication of inflation data in the United States. According to the US Bureau of Labor Statistics, consumer prices rose by 8.3% in April. This indicator turned out to be 0.2% higher than forecasts (8.1%) and approached the highs for 40 years.  

Such statistics somewhat scared investors who hurried to get rid of high-risk assets, including cryptocurrencies. According to experts, both stocks and crypto assets fell in price, which caused panic in the market.

It is worth noting that bitcoin has already fallen below the level of $29 thousand twice in a week. Experts call the $30 thousand level a landmark reference point for bitcoin – until recently, the cryptocurrency rose above $40 thousand, but quickly returned back. 

Another event that had an impact on the cryptocurrency market was the news about the Terra project. Unexpectedly, the popular TerraUS stablecoin rapidly collapsed, its exchange price was much less than the declared $ 1. At the same time, it is known that the stablecoin was provided by other digital assets, including bitcoin.

In addition to bitcoin, other cryptocurrencies have also fallen in price. The Ethereum exchange rate today is located at $1909.35 (the daily minimum is $1720.58). The cost of Binance Coin has lost 26%, XRP and Solana have become cheaper by 28% and 35%, respectively. The overall valuation of the cryptocurrency market decreased by 18.5% to $1.2 trillion.