"Alaaa don't worry, you have to go back."
Failing to hold its ground, the price of cryptocurrency king Bitcoin (BTC) tumbled back to $66,426 as many investors were ready to sell their holdings and supply on the digital asset exchange increased.
The streak, the liquidation of about $120 billion has been triggered in a short time and at the same time metrics such as active address, transaction volume and network activity are also showing signs of decline.
Not only that, BTC prices fell due to many Federal Reserve (Fed) officials during yesterday's FOMC meeting minutes expressing concern about inflationary pressures, so they may delay or reduce the number of interest rate cuts this year.
Regulatory news has also contributed to the crypto market decline as the Securities and Exchange Commission (SEC) maintained a conservative stance on the digital asset bill recently passed by the House of Representatives.
This BTC price pullback can be attributed to the S&P Global Purchasing Managers' Index (PMI) report which led to a rise in the United States (US) dollar which in turn put pressure on risky assets such as crypto.
In the PMI report, the economy is reported to be growing at its fastest rate in two years causing traders to adjust their expectations for interest rate cuts thus putting more pressure on BTC and other digital assets.
Even so, traders and analysts Mags think the BTC decline witnessed is a mere "fake out" while independent analyst Jells predicts the price will break through $100,000 shortly after it breaks the 2021 all-time high.
As of this writing, BTC price has plunged by 2.51% to $67,744 in the last 24 hours with a market cap of over $1 trillion but is still up 3.62% over the past week.
