Crypto Community Reacts to Bitcoin’s Plunge Below $27k

Over the past month, the overall crypto markets have been declining, with a significant drop in the first week of May. During this time, the price of bitcoin (BTC) started decreasing from its recent high of around $30,000 at the end of April.

On May 12, the price of bitcoin experienced a significant drop, reaching approximately $26,290. This drop coincided with a loss of $140 billion in the total market value of cryptocurrencies worldwide within a 24-hour period.

Furthermore, the leading cryptocurrency, BTC, has seen a 1% decline in the last 24 hours and is currently trading around $26,800. Recent data indicates that the trading volume for bitcoin has increased by 33% in the past day, reaching $9.8 billion.

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According to a poll conducted on Twitter, the crypto community believes that the price of BTC will remain above $25,000 despite the recent drop.

Out of 439 votes at the time of writing, around 30% of participants anticipate a price drop between $17,000 and $24,999 for BTC. Meanwhile, 14% of voters believe that bitcoin could fall below $10,000, although this suggestion was perceived by some as a joke within the community.

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A user on Twitter has stated that individuals expecting BTC to reach the $10,000 mark will be greatly disappointed.

Despite the negative news about Bitcoin, some members of the community still celebrated the 13th Bitcoin Pizza Day.

Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.



    A crypto enthusiast, Loves to write, Loves to explore and stay up-to-date about the latest developments in the crypto world. #Btc #Crypto #NFT

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