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The cryptocurrency dropped as low as $26,848.20 around 1:47 AM ET on Thursday. The second-largest cryptocurrency, Ether, fell 13% to $1,832.33.
Following the broad stock sell-off in US markets, after the Federal Reserve tightened monetary policy, Bitcoin prices have continued to plummet.
Consumer inflation in the United States increased to 8.3 % in April, slightly lower than in prior months as energy costs fell. Even if the result exceeded analysts' expectations, investors rushed to sell volatile assets as quickly as possible.
Bitcoin has dipped into the $29,000 range for the second time this week.
Analysts have identified $30,000 as a critical threshold for the largest cryptocurrency by market capitalization, predicting that if it fails to hold there, it would fall much deeper.
Similarly, Dogecoin's price decreased 14.24% to 0.072, while Shiba Inu's price dropped 37.81% to $0.000009927. Solana was also down 37% to $41.68
Picture credits: Reuters
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