Bitcoin (BTC) has seen a 2.8% drop in the past 24 hours, with a high of $28,280 and a low of $27,058, settling at $27,368 at the time of writing. Over the past week, the top cryptocurrency by market cap has experienced a clear downtrend, losing 6% and wiping out $45 billion from its market cap.

Other major cryptocurrencies, including Ethereum and Cardano, have also seen negative price action, with the global cryptocurrency market cap dropping by 2.5% to $1.2 trillion. The sudden drop in prices may be due to several reasons, including sky-high Bitcoin fees and a precipitous sell-off from investors following lower-than-expected inflation numbers.