Data shows that U.S. inflation has hit a new 40-year high, and the cryptocurrency as a whole has experienced a broader decline. Ethereum once fell 5% to its lowest level since March 2021, and Bitcoin fell below $28,000, a more than one-year low. U.S. inflation data beat expectations, dashing hopes that price increases may have peaked.
Vijay Ayyar, vice president of corporate development and international at crypto trading platform Luno, said the current bearish sentiment could be seen to continue into next week, with bitcoin typically falling over 80% and altcoins over 90% if looking back at previous bear markets .
If the situation continues, Bitcoin prices will be much lower in the next month or two.