Hassan Maishera
TL;DR
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Bitcoin dropped below the #2k level while Ether is trading below $2k once again.
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The massive selloff comes after the inflation data reported in the United Kingdom surpassed analysts’ expectations.
Bitcoin And Ether Suffer Losses
The cryptocurrency market has been in a bearish mode over the past 24 hours, with the major cryptocurrencies suffering huge losses.
Bitcoin, the number one cryptocurrency in the world, has tumbled below the $29k level for the first time in weeks after losing more than 4% of its value in the last 24 hours.
At press time, Bitcoin is trading around the $28,900 region. Ether, the second-largest cryptocurrency by market cap, has also been underperforming over the past 24 hours. After reaching an 11-month high earlier this week, Ether is now down by more than 6% today and is now trading below the $2k psychological level.
The poor performance comes following the inflation report from the United Kingdom. Inflation in the UK for March stood at more than 10%, higher than what market experts had expected.
Following the poor performance of Bitcoin and others, more than $25 million in bitcoin futures were liquidated. Over 98% of the positions in the market were longs or bets on rising prices.
Vetle Lunde, a senior analyst at K33 Research, stated that;
"The hotter-than-expected U.K. CPI may have weighed over risk assets, including BTC. But the gravity of the reaction has been far, far more severe than in other asset classes."
