Cryprocurrency price today: Bitcoin price today was standing at $36,264.00 at the time of writing this article, a sharp plunge of 8.22 per cent over the last 24 hours
Cryptocurrency Price Today: The sudden rise in cryptocurrency price following the Fed’s interest rate hike turned out to be short lived as the global cryptocurrency market took a sharp plunge on Friday, May 6 amid weak market cues. The cryptocurrency market cap bled sharply as it took a hit, going down by as much as 7.42 per cent to stand at $1.67 trillion, as per data. Bitcoin stood at its lowest in a month, while altcoins suffered major dips as well. Avalanche suffered a loss of 15 per cent, while Solana and Cardano lost 12 per cent each.Bitcoin price today was standing at $36,264.00 at the time of writing this article, a sharp plunge of 8.22 per cent over the last 24 hours. On the other hand, Ether price today was trading at $2,723.22 while writing this article, down by as much as 6.91 per cent in the last 24 hours.
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“Bitcoin corrected significantly to drop below $36,000. Bitcoin fell by 8 per cent in a single day as the overall stock markets fell sharply with the FOMC announcing the 0.5 per cent point hike in the interest rate. Further, the increasing outflow of BTC from exchanges also sparked a bearish sentiment among investors. The daily trend for BTC has broken out of the long formed triangle pattern. The next resistance is expected at $48,600 and an immediate support for BTC is expected at $33,100 levels,” said the WazirX Trade Desk.
“The global crypto and stock markets continue to move south as sellers dominated the traditional and crypto markets throughout the week. The overall crypto market is down almost 4 per cent with Bitcoin shedding 10 per cent to find a new lower support level while Ether dropped by 4 per cent. TRX was one of the very few crypto assets to trade in green and saw a jump of roughly 3.5 per cent,” said Shivam Thakral, CEO of BuyUcoin.
“The outcome of the Federal Open Markets Committee and press briefing by Fed chief Jerome Powell gave a slight push to the crypto market as the committee decided to raise the interest rate by 50 basis points and chalked out plans to cool down inflation. Most of the crypto gains were short-lived and the crypto market nosedived again after sellers returned to the market,” he added.
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Here are the top 10 cryptocurrencies and their prices on May 6, 2022 (data from coinmarketcap.com)
Bitcoin $36,264.00 or 8.22 per cent loss in the last 24 hours
Ethereum $2,723.22 or 6.91 per cent loss in the last 24 hours
Tether $1.00 or 0.00 per cent loss in the last 24 hours
BNB $378.22 or 5.27 per cent loss in the last 24 hours
USD Coin $1 or 0.01 per cent loss in the last 24 hours
XRP $0.6043 or 5.39 per cent loss in the last 24 hours
Terra $79.86 or 6.60 per cent loss in the last 24 hours
Solana $82.51 or 11.02 per cent loss in the last 24 hours
Cardano $0.7923 or 9.66 per cent loss in the last 24 hours
TerraUSD $0.9996 or 0.18 per cent loss in the last 24 hours
