Bitcoin plummeted to $27,927

The world’s main cryptocurrency continues to plummet in price. Tonight, the rate temporarily fell below $28,000, its lowest value since December 2020.

The price of bitcoin was dropping as low as $27,927, but at the time of publication of this post, the cryptocurrency was at $28,300. Analysts called $30,000 a key level for the largest cryptocurrency by market capitalization and said it could fall even more if it couldn’t hold at that level.

Experts attribute the fall in the value of cryptocurrency to the publication of data on inflation in the U.S. in April, which amounted to 8.3%. This is the highest in the last 40 years. Inflation keeps investors from investing in risky assets, including cryptocurrencies.

Bitcoin traded around $40,000 last week, but the rate quickly reversed, after which the cryptocurrency updated several lows in recent years.

Analyst Ali Martinez said bitcoin has a realistic chance of returning to the $35,000 rate already in the current cycle, though he doesn’t rule out the possibility of a collapse to $20,000.

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