Bitcoin Breaches $27,000 Amidst Slumping Market

Vignesh Karunanidhi
Source: Forkast News

Bitcoin and other altcoins were heavily affected due to various reasons. The regulatory clash between the SEC and two prominent exchanges, Coinbase and Binance, has had ripple effects on the whole crypto market.

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The crypto market, which was slowly recovering due to major market turmoil, was struck by US regulatory uncertainty. BTC, which was hovering around a monthly high of $28,432 plummeted to a low of $24,797. It was a major blow to the whole market, as the notable fall of the king of cryptocurrencies affected altcoins too. However, according to the latest data, Bitcoin has breached the $27,000 level.

Bitcoin breaches $27,000 level for a short time

Even though BTC breached the $27,000 level, it seems to have been short-lived as the coin has fallen to its current price of $26,856. According to CoinMarketCap data, BTC is up by 1% in the last 24 hours.

BTC has climbed from its 24-hour low of $26,312 to touch $27,000 before falling to its current price. The king of cryptocurrencies seems to be struggling to keep the momentum going to maintain its pace.

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Given the uncertainty in the regulatory realm in the US and other factors, a bullish run is highly unlikely at the moment. However, positive news could definitely push BTC and alts to greater heights.