BTC drop to the lowest since July 2021
On the morning of May 8th, Bitcoin price suddenly dropped to 34,544 USD. This is the lowest price of the digital currency since the end of July 2021. According to Bloomberg, the crypto market is being weighed down by tight monetary policies introduced by central banks to tackle inflation.
Edul Patel, CEO and co-founder of crypto investment platform Mudrex, says Bitcoin is breaking support and is likely to continue to decline. Bitcoin’s current support level is at $32,000.