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Bitcoin Tumbles Below $28K on Coinbase Before Rallying

source-logo  coindesk.com 20 April 2023 23:57, UTC

Bitcoin dropped below $28,000 at one point Thursday as the largest cryptocurrency by market capitalization continued its two-day slump.

Bitcoin (BTC) was recently trading at around $28,325, down 2.7% over the past 24 hours, according to CoinDesk market data. But the BTC/USD trading pair on the Coinbase exchange fell to $27,991 shortly before U.S. equity markets closed but later rebounded, TradingView data showed.

Ether (ETH), the second-largest cryptocurrency by market value, recently dropped nearly a percentage point to change hands at around $1,948. ETH fell to $1,917 at one point, its lowest perch in a week.

BTC and ETH were down 7% and 3%, respectively, for the past seven days.

Most other major tokens were trading in the red, with both payments-focused cryptocurrency XRP and Litecoin (LTC) recently down over 5%. The CoinDesk Market Index (CMI), which measures overall crypto market performance, was down 3.9% for the day.

Equity markets also declined, amid a series of disappointing first-quarter earnings, including car maker Tesla, whose revenues fell slightly short of consensus estimates, and Blackstone, the world’s largest alternative asset manager. The S&P 500 and Nasdaq Composite fell 0.6% and 0.8%, respectively for the day. The Dow Jones Industrial Average (DJIA) was down 0.3%.