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Bitcoin price reclaims $30,000 as Bitcoin Cash hits new record low against BTC

Bitcoin (BTC) rebounded from its 10-month low on May 11 as the start of trading on Wall Street brought some relief to bulls.

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BTC/USD 1 Hour Candlestick Chart (Bitstamp). Source: TradingView

One day $860 million more crypto liquidations

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD erasing the impact of better-than-expected US inflation data to hit $32,000 on Bitstamp.

April’s consumer price index (CPI) push sent the pair on a new slide, with $30,000 giving way to levels not seen since July 2021.

When The turmoil surrounding Terra, its LUNA and TerraUSD (UST) tokens and co-founder Do Kwon continued, sentiment remained firmly cautious. The Crypto Fear & Greed Index gauges sentiment on May 10 at a normalized reading of 10/100, one of the lowest on record.

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Crypto Fear & Greed Index (Screenshot). Source: Alternative.me

“Could go to more or less $28,000,” said popular trader Crypto Ed forecast in his latest YouTube and Twitter update, published ahead of the CPI news, adding that he considers the downside to be “ongoing.”

In the 24 hours to the time of writing, another $860 million in cross-crypto liquidations have been completed, data from on-chain monitoring resource Coinglass has confirmed.

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Crypto Liquidation Chart. Source: coin jar

bitcoin bad? It could be worse…

Away from Terra, the day also focused attention on Bitcoin hard forks.

Related: Small forkers: BCH and BSV to be crushed by Bitcoin price in 2021

Bitcoin Cash (BCH), which peaked at 0.1829 BTC in December 2017, had the dubious honor of making new all-time lows in BTC terms on May 11.

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BCH/BTC 1-month candlestick chart (Binance). Source: TradingView

At just 0.0068 BTC, BCH drew ridicule, as did its spin-off Bitcoin SV (BSV), which also set a new bottom against BTC.

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BSV/BTC 1-week candlestick chart (Bitfinex). Source: TradingView

“Bitcoin will remind you why it is king. ALT/BTC valuations face reckoning,” commented Benjamin Cowen wrote.

“The story was told in the past and it’s the same story again. See you at 60% BTC dominance.”

According to data from CoinMarketCap, Bitcoin’s market dominance was 43.7% at the time of writing, up about 4% from the lows recorded in January 2022.

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should do your own research when making a decision.