For the first time since July 2021, Bitcoin goes below $29,000.

Since November 2021, the cryptocurrency has been primarily on a downward trend, losing over 57 percent of its value. Bitcoin’s price temporarily dipped below $29,000.

The biggest cryptocurrency by market capitalization has recovered its position and is currently trading at $30,880. The cryptocurrency market’s capitalisation has dropped to $560,000,000.

The cause for the drop might be a stock market crash following the release of the US inflation report. BeInCrypto’s editors have discussed the rising association between bitcoin and the stock market. It’s worth noting that bitcoin last traded at this level in May 2021.

Only a few months later, the Bitcoin was able to rebound above $60,000. Despite the decline, many investors continue to faith in the cryptocurrency rate’s future rise. PlanB, the author of the BTC S2F forecasting model, is one well-known expert in the crypto world who sees the potential for a bullish development. The cause for the drop might be a stock market crash following the release of the US inflation report.

The editors of BeInCrypto examined the growing correlation between bitcoin and the stock market. It’s worth noting that bitcoin last traded at this level in May 2021.Bitcoin was able to return above $60,000 only a few months later.Despite the drop, many investors remain optimistic about the cryptocurrency’s future development.PlanB, the creator of the BTC S2F forecasting model, is one well-known crypto specialist who believes the market will continue to rise.