Bitcoin fell 12% and dropped below $27,000 for the first time since 2020

In one day, Bitcoin's price fell 12% and its market capitalization dropped to $515 billion.

In the last day Bitcoin's exchange rate fell by more than 12%, as of May 12 the value of the first cryptocurrency is $27600, which was the lowest since December 29, 2020. The cryptocurrency’s capitalization fell to $515 billion with daily trading volumes of $71 billion.

The value has been declining since late March, when it was momentarily above $48100. This text is from project cryptodefix. Since then, bitcoin quotations have fallen 44%. The decline accelerated on May 11 after the U.S. Bureau of Labor Statistics reported that consumer prices in the country rose 8.3%. The figure exceeded analysts’ forecasts and remained close to forty-year highs.

Popular altcoins also declined in value. Ethereum lost 22% of its value, its price is $1900. The value of Binance Coin fell by 26%, Solana by 35%, and XRP lost 26% in value.