Bitcoin crashes below $27,000 level amid crypto meltdown and Terra losses

Bitcoin fell below the $27,000 (€25,000) level as the sell-off in the cryptocurrency world continues. 

The price of Bitcoin was last down nearly 9 per cent to $26,848.20 (€25,659) on Thursday, according to data from Coin Metrics.

The sharp drop comes after the US Bureau of Labor Statistics reported consumer prices for April were higher than expected, causing investors to sell off riskier assets such as cryptocurrencies. Meanwhile, the price of Ether shed more than 23 per cent.

Terra Luna stablecoin collapse explained: Is this the 2008 financial crash moment of cryptocurrency?

The cryptocurrency markets have been under pressure, especially since the start of the week. Bitcoin fell to its lowest level since January on Monday as slumping equity markets continued to hurt cryptocurrencies, which are currently trading in line with so-called riskier assets like tech stocks.

Bitcoin briefly dropped below the $30,000 (€28,400) level late on Monday, surpassing the January low of $32,951 (€31,361.77). The last time Bitcoin traded below that level was in July 2021. 


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