Bitcoin dropped below the $27,000 level as a recent sell-off in the cryptocurrency space continues.
The price of bitcoin was last down 4.26 percent to $27,738.20 as of the time of drafting this report Thursday, according to data from Coin Metrics. While Ether fell more than 9.45 percent to $1,886.02.
This is the second time this week that bitcoin has fallen below $29,000. Analysts have identified $30,000 as a critical level for the largest cryptocurrency by market cap, predicting that if it fails to hold there, it will fall even further.
Bitcoin is currently trading at its lowest level since December 2020, when it first crossed the $28,000 price level.
Cryptocurrencies fell alongside stocks after the Bureau of Labor Statistics reported that consumer prices rose 8.3 percent in April, slightly higher than economists polled by Dow Jones.
The report alarmed investors, prompting them to sell risky assets such as cryptocurrency. Cryptocurrencies continue to have a high correlation with the S&P 500 and, more recently, the Nasdaq Composite.