Bitcoin Loses $20,000 Grip, Extends Consolidation For 2nd Straight Day

Bitcoin Loses $20,000 Grip, Extends Consolidation For 2nd Straight Day


As a result of last week’s remarkable surge, Bitcoin is now seeing one of its largest drops in recent months.

After starting the week at $18,742, the coin’s price jumped to a staggering $22,537 on September 14, a gain of 15% over its September 7 low. Since the market bottomed in June, this rally has been its strongest.

Bitcoin’s steep 14 percent correction during the crash almost entirely nullified this gain. Bitcoin’s value dropped from $22,536 to $19,735 in the space of just two days.

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Bitcoin’s link to the S&P 500 Index is blamed for the recent decline in its value. The Consumer Price Index report had been released by the US government a few days ago.

The data indicated that year-over-year inflation increased from 8.1% to 8.3%.

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