Bitcoin has mostly been trading below $30,000 since late April, as the ongoing banking crisis and drama over the debt ceiling in the U.S.
Bitcoin Drops Below $27,000
Bitcoin has mostly been trading below $30,000 since late April, as the ongoing banking crisis and drama over the debt ceiling in the U.S. have investors wondering what it all means for the world’s largest cryptocurrency. Over the past 24 hours, the cryptocurrency dropped below $27,000, touching a low of $26,805.
Investors remain concerned about low liquidity, which has led to relatively small sell orders having a larger-than-normal impact on the bitcoin price. Meanwhile, an outflow of deposits at PacWest Bancorp (PACW) did not appear to have the same bullish impact on the bitcoin price as other recent outflows and outright failures at other banks did, according to a note from Oanda’s Edward Moya. PACW fell roughly 22% on the day.
Bitcoin has been more active around macro events such as Consumer Price Index (CPI) reports and the recent bank failures. After nearly doubling from the lows around $16,000 that were hit late last year, further progress has stalled out since March.
