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Bitcoin price drops to 1.5-year low

The US inflation data caused the Bitcoin price this morning to drop below $25,000 per coin – the lowest since the end of 2020.

This morning, the Bitcoin price had a moment to touch $ 24,900, according to CoinDesk. This is an 18-month low for the world’s most valuable cryptocurrency. The reason is that the US inflation report in May released at the end of last week made investors continue to leave risk assets, such as stocks and cryptocurrencies.

Currently, Bitcoin has recovered slightly, to around $25,500. In a recent month, the coin’s price has dropped about 17%. The Bitcoin price is currently 60% below the historic high of more than $68,000 set late last year.

Bitcoin price movement over the last 24 hours. Photo: coindesk

Bitcoin price movement over the last 24 hours. Image: CoinDesk

Some analysts predict that if Bitcoin drops to $20,000, it could drop very quickly. According to Vijay Ayyar, VP of international and business development at crypto platform Luno, inflation sparked the bearish trend from last weekend and is likely to last this week, especially when the meeting comes of the Federal Open Market Committee (FOMC) of the Fed is coming. Ayyar thinks that Bitcoin price could go lower in the next 1-2 months.

Asian stocks this morning were also red because of concerns that the Fed would tighten policy when inflation in the US reached a new 40-year peak. Hong Kong’s Hang Seng Index lost 2.9%. Japan’s Nikkei 225 and South Korea’s Kopsi both fell 2.78% this morning. The CSI 300, an index representing the blue chips of the Chinese market, lost 0.84%.

Tu Anh (according to Bloomberg)

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