Reasons Behind Bitcoin's $157 Million Price Drop

The latest Bitcoin sell-off has sent shockwaves throughout the cryptocurrency market, with altcoins also experiencing significant losses. This comes as a surprise to many investors, who were caught off guard by this unexpected downturn. 
 
Bitcoin, the pioneer and largest digital currency in terms of market capitalization, continued its decline from its peak of $65,287 on April 25th for the second consecutive day. It hit an intraday low of $62,389, marking its lowest point in over a week. At the time of writing this article, BTC had dipped further by 2.28% within the last 24 hours to $62,839. 
 
This downward spiral triggered a domino effect across other cryptocurrencies, or 'altcoins', intensifying their already existing selling pressure. Several cryptos are currently trading in red, with losses ranging between 2% and 15%. Solana (SOL) and Shiba Inu experienced about a 6% drop within the past day, while meme coins like Dogwifhat and Bonk witnessed more severe falls at around 11.80% and 13.45%, respectively. 
 
CoinGlass data reveals that this sudden price dip resulted in liquidations worth over $157 million across various crypto exchanges within just one day! Bitcoin alone accounted for approximately $42 million of these total liquidated assets. 
 
Interestingly enough, this slump coincided with reports revealing inflation figures that exceeded expectations, which subsequently raised concerns among investors regarding global economic prospects. 
 
As per CNBC reports, excluding food and energy costs from consideration, the core personal consumption expenditure (PCE) price index increased by an annual rate of roughly 2.8% during March, maintaining pace with February’s growth but slightly exceeding forecasts made earlier on. 
 
For three consecutive years now, core PCE has exceeded the Fed's targeted inflation rate set at two percent annually. The Federal Reserve specifically focuses on PCE because it adjusts for alterations occurring due to consumer behavior. 
 
This report follows closely after last Thursday’s disappointing inflation news. The Fed is likely to maintain the current interest rates at least until summer, unless there are any significant data variations. 
 
Given that inflation continues to rise even two years after reaching its highest level in over four decades, it has led central bank policymakers to keep a vigilant eye on this data as they contemplate future monetary policy decisions. 
 
It's important for investors and traders alike to remember that cryptocurrencies remain volatile, with prices subject to sudden fluctuations. Any investment decision should be made only after thorough research or consultation with financial experts. Today does not hold any liability for potential losses incurred while trading digital currencies. 
 
In conclusion, though we strive for accuracy, due to the rapid nature of the crypto market, some of the of the offers mentioned may not have been available since their original publication date.