Despite the earlier attempt to end the month on a bullish note, Bitcoin (BTC) price is fast giving away its accrued gains amid a heated market. At the time of writing, Bitcoin is trading at a 1.64% drop in 24 hours to $67,328.02. This comes on the back of the 0.99% slip in the combined crypto market cap.
Bitcoin Price and the Bearish Market Movers
The price of Bitcoin stabilized following the release of the Federal Reserve’s preferred inflation gauge, the Personal Consumption Expenditure (PCE) which rose by 0.2% in April as expected. Shortly after the market welcomed this report, the news of the hack of DMM Bitcoin, a Japanese crypto trading platform visibly tilted the market balance.
Hacking events like this have a generally bearish impact on the market. With more than $305 million siphoned from the trading platform, many investors are beginning to relive the experiences of Mt.Gox and Coincheck. These two trading platforms had a larger loss profile compared to DMM Bitcoin with one u
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