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Bitcoin, the leading cryptocurrency, dropped to an intraday low of $18,682 on the Bitstamp exchange earlier today. The most recent drop comes after bulls failed to hold the key support at the $20,000 level on Sunday. Bitcoin, which is considered to be a benchmark for the broader cryptocurrency market, is currently trading at $18,817. The largest cryptocurrency continues to trade in lockstep with traditional financial markets, failing to act as a portfolio diversifier.
Last week, the U.S. equities market was shaken by fresh economic data. On Thursday, Bitcoin shed 5% in mere minutes after the Bureau of Labor Statistics revealed that U.S. inflation had ticked back up last month. In the meantime, Ethereum keeps significantly underperforming Bitcoin in spite of the successful Merge upgrade that was supposed to be a major bullish catalyst for the cryptocurrency. Earlier today, the chief altcoin dropped to an intraday low of $1,287 on the Bitstamp exchange.