Bitcoin Drops to $28,000 as Macro Pressures Bite The crypto market’s negative streak continued as prices dipped for a third consecutive day, with Bitcoin briefly slipping below $28,000.
Bitcoin's price continued its downturn for a third day, dropping below $28,000 briefly on the morning of April 21. The last trading price of Bitcoin, per CoinGecko data, was $28,070, down 2.7% over the last 24 hours
Bitcoin’s decline dragged the rest of the market with it, with the total market capitalization of all cryptocurrencies slipping by 2.2% to $1.24 trillion during the same period. Ethereum lost 1.7% on a 24-hour scale to trade around $1,920, down 4.5% on the week.
The seeds for the market slump were sown last week when U.S. Federal Reserve officials hinted at one more quarter-point interest rate hike in the upcoming May policy rate meeting. The Fed’s move caused a decline in Bitcoin and gold prices, while the dollar surged up on expectations of higher yields.
Another reason for this week’s decline has been attributed to overly positive sentiment in the market. According to a report by crypto analytics firm Sanitment, the market had a build-up of long bias in the derivatives markets.
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