Global Crypto Market Dips by 7.30%, Major Cryptos Fall off Cliff -Breaking
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© Reuters Global Crypto Market Dips by 7.30%, Major Cryptos Fall off Cliff- Global crypto markets trade at 1.67 trillion dollars
- The crypto market saw a drop of 7.30% in the last 24 hours.
- The US Federal Reserve’s plan for an increased interest rate is the expected reason for crypto price fall.
With a large number of cryptocurrencies seeing a decrease in their price, the global crypto market is once again showing signs of life. However, crypto markets were driving up over the past 24 hours, with a record $39,000
The global cryptocurrency market cap stands at $1.67 billion at the time this article was written. That’s a decrease of almost 7.30% in the span of the last 24 hours. Significantly, the reason for the crypto price fall is due to the US Federal Reserve’s plan for a rate hike of 50 basis points.
Bitcoin trades currently at $36,492.57 with an incredible plunge of over 7.8% within the last 24 hours. This price decline is the most severe since January 2022. BTC’s price has just reached $40,000 in the past two days after a decline of $38,000 on May 3. BTC faces a new challenge in reaching the $40,000 price goal. It will only succeed if there is trend support over the next days.
Additionally, Twitter’s (NYSE.) users are sharing concerns about Bitcoin’s price. The social media crypto community — The Moon — tweeted a question, asking the Twitter audience about the expected bounce for BTC.
How soon do you think #Bitcoin might bounce?
— The Moon (@TheMoonCarl) May 6, 2022
A few optimistic folks responded to The Moon’s question by saying: BTC will bounce back in mid-May, most likely in three days. BTC is expected to surge to $17k in the next day, with even a small rebound possible in the future. Others, however, said BTC would not rise further in opposition to their comments.
The intraday drop in other cryptos like BNB (-6%) or BNB(-6.11%) has also been a factor.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. The information contained in this article shouldn’t be taken as advice. CoinQuora advises its users to research cryptocurrency before making any investment.
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