Bitcoin (BTC) declines to about $27K, here are potential reasons BTC $BTC
price briefly fell below the $27K mark early Wednesday as cryptocurrencies saw selling pressure. The lead cryptocurrency fell to lows of $26,978 before rebounding slightly to where it currently trades.was down 3.09% in the last 24 hours to trade at $27,110. The drop follows after Bitcoin briefly recovered the $28,000 level over the extended holiday weekend.
The majority of cryptocurrencies traded in the red at press time as the crypto rebound seemed to be losing steam. Ethereum, Solana and Cardano saw losses of up to 3%. The current price drop puts Bitcoin on course for its worst month since the FTX exchange went under in November last year. The lead crypto asset is also on track to have its first negative month since 2023. Presently, Bitcoin is down 7.3% for May.
The biggest cryptocurrency experienced an 84% increase in value between Jan. 1 and mid-April, momentarily reaching $31,000, but the rise has since fallen to 64%. A lack of liquidity and a restrictive monetary policy have tempered interest in cryptocurrencies.
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