This is bad! BTC Drops and Rolls Below $27,000!

<p>&nbsp;"It must be heartbreaking for investors to see BTC keep falling, it hasn't even crossed $30K yet."</p><p><br /></p><p>The price of cryptocurrency king Bitcoin (BTC) appears to have plunged as high as $26,600 as details of the minutes of the Federal Open Market Committee (FOMC) meeting reviewed early this morning suggested an interest rate hike before the end of 2023.</p><p><br /></p><p>There is no denying that an interest rate hike for the next FOMC meeting scheduled for November 1 is possible, but the minutes also reveal that all members agreed to keep interest rates on hold.</p><p><br /></p><p>There is also agreement among the Committee members to be more cautious and look at the risks to achieve the inflation target at 2%.</p><p><br /></p><p><br /></p><p>So here it can be seen that the entire crypto market including BTC has seen a decline when the minutes of the FOMC meeting are more interested in giving mixed signals and not clear ones.</p><p><br /></p><p>Plus the release of the United States (US) Producer Price Index (PPI) data last night for September was found to be a stronger than expected 0.3%, where it recorded a figure of 0.5%.</p><p><br /></p><p>According to Caleb Franzen, the founder of Cubic Analytics is of the view that the price of BTC is not only capable of shrinking to $25,000 but can also retest the zone below that level.</p><p><br /></p><p>As of this writing, BTC price has plunged by 2.53% to $26,758 in the last 24 hours with a market cap of $522 billion and has recorded a 3.57% decline over the last week.</p><p><br /></p><p>While Ethereum (ETH) slipped around 1.00% at $1,557 in the last 24 hours with a market capitalization of $187 billion and Ripple (XRP) fell 2.37% at $0.48, then lost 8.37% in the last seven days.</p>