"You're right, otherwise the price of BTC will rise again."
After hovering at the same level for a long time, the price of the king of cryptocurrency Bitcoin (BTC) finally broke through $28,300 after the United States (US) Consumer Price Index (CPI) report yesterday saw annual inflation in the April reading drop slightly to 4.9% compared to the previous 5.0% .
Bitcoin surged early in the data release, but the price of the digital asset plummeted to $26,810 when there were rumors that the US government had sold 9,800 BTC worth $277 million.
Concerned risk, BTC could also slide further down at $10,000 if the US government continues to sell large amounts of the digital asset in the long term, where crypto investors will also be affected.
For the record, this is the second time the US government has sold BTC as they reportedly sold 9,800 of the digital asset in the last three weeks.
In addition, the fall in the price of the digital asset is also likely to happen after a trader was seen liquidating more than $47 million in a long BTC position within an hour while $5 million in a short position.
According to Riyad Carey, Kaiko research analyst views the crypto market is still concerned about low liquidity as it has yet to recover since the FTX digital asset exchange crashed in November last year.
As of this writing, the price of BTC has plunged by 0.92% to $27,568 in the last 24 hours with a market cap of $534 billion further recording a decline of 5.09% over the last week.
While Ethereum (ETH) is down around 0.05% at $1,836 in the last 24 hours and Ripple (XRP) slipped 0.46% at $0.42.
