Bitcoin Plummets under $25,000 — Its Lowest Level Since December 2020

Bitcoin plunged below the $25,000 mark amid weakness in the macroeconomic environment and systematic risk in the cryptocurrency market.

Source: CoinDesk

BTCUSD down -10.73%, ETHUSD down -15.01%

Bitcoin had a solid start at the $29,000 mark, but it fell below that level, which means the cryptocurrency could crash to its 2017 high of close to $20,000.

The biggest crypto in the world has fallen for twelve consecutive weeks, dropping from nearly $49,000 in March 2022 to below $25,000.

The downward trend signals the bottoming out in mid-May, but worrying high inflation data reported last week did little to offset falling sentiment.

The consumer price index (CPI) increased by 8.6% on a yearly basis in May, surpassing estimates that it would fall to 8.2% from April’s 8.3%.