Bitcoin’s price declined for the third day in a row, dropping below $28,000 briefly on April 21 before settling at $28,070, down 2.7% over the previous 24 hours. The drop was reportedly due to a combination of positive sentiment in the market caused by long bias in the derivatives market, and U.S. Federal Reserve officials hinting at an interest rate hike in May. The decline in Bitcoin caused the total market capitalisation of cryptocurrencies to drop by 2.2% to $1.24tn. Ethereum also lost 1.7% in the previous 24 hours, trading at around $1,920, down 4.5% over the last week. If the downturn continues, it will result in Bitcoin recording its first negative monthly close of the year.
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