Previous to the Federal Reserve's decision in November to raise interest rates again, investors were preparing for the most recent Core Price Index (CPI) report, a gauge for monitoring inflation, when the price of Bitcoin fell.
By press time, the top cryptocurrency was trading at about $18,718, a decrease of 2.7% over the previous 24 hours, according to CoinGecko.
The last time bitcoin traded at these prices was on September 22. Then, last week, it saw an upward movement that put it past $20,400.
The biggest cryptocurrency in the market is now down 66% from its previous all-time highs of around $69,000, which were reached in November 2021, as well as 16.5% over the past 30 days.
Despite the decline, the most valuable cryptocurrency today remains the one that has been least impacted by the other big coins.
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Ethereum, the second-largest cryptocurrency by market value, is currently trading at $1,240 after suffering losses of 4.6% over the past day.
Cardano (ADA) dropped by 9.5% over that time, while Solana (SOL) and XRP had declines of 7.8% and 7.2%, respectively.
While economists anticipate the U.S. consumer price index to show some improvement in the Fed's battle against inflation, it is unlikely to be sufficient to prevent the central bank from another interest rate increase next month. The index will be issued on Thursday at 8:30 a.m. ET.