At a Glance:
- According to data from Coin Metrics, Bitcoin, the world’s largest digital currency by market value, was lower by about 3% at $33,438.03 on 8 May
- According to data from CoinGecko, the global cryptocurrency market cap was at $1.68 trillion on 8 May. In the last of the cryptocurrency trading volume was at $119 billion.
- BTC and ETH 24-hour trading volumes rose 51% and 55% respectively to $36.84 billion and $20.82 billion.
In recent times, we have seen the rise of cryptocurrency all over the world. Within a few years, we can see a sheer dominance of cryptocurrencies, today, it is one of the popular modes of transactions. Also, governments and countries all over the world are on the verge of accepting. Bitcoin is one of the oldest and first cryptocurrencies that was introduced and since then there is no looking back. Few incidences made bitcoin holders millions and few incidences where they had to face huge losses as they were unaware of its potential.
Last week, after a broader stock sell-off in the US cryptocurrency market, Bitcoin continued to fall roughly 10%. According to data from Coin Metrics, Decline of Bitcoin Bitcoin, the world’s largest digital currency by market value, was lower by about 3% at $33,438.03 on 8 May.
As compared to November 2021, the cryptocurrency is now down 50% from its peak price of $67,802.30. This fall happened after the blue-chip Dow Jones Industrial Average lost more than 1,000 points on 5 May and the Nasdaq jumped by 5%. Since 2020, it was the worst single-day drop and on 6 May the Dow and Nasdaq dropped again.
The Recent Performance Of The Cryptocurrencies
On 4 May, the Federal Reserve increased its benchmark interest rate by half a percentage point as it responds to inflation pressures. Fed chair Jerome Powell, after the stock market rallied stated a larger rate hike of 75 basis points isn’t being considered. But by Thursday, investors had erased the Fed rally’s gains. According to data from CoinGecko, the global cryptocurrency market cap was at $1.68 trillion on 8 May. In the last of the cryptocurrency trading volume was at $119 billion.
As the global cryptocurrency market cap decreased 3% to $ 1.6 trillion, Bitcoin and other major coins were trading in the red on 8 May. BTC and ETH 24-hour trading volumes rose 51% and 55% respectively to $36.84 billion and $20.82 billion. U.S. stock futures also traded in the red at press time, with the S&P 500 and Nasdaq futures down 1.1% and 1%, respectively.
Read more about Decline of Bitcoin: https://markets.businessinsider.com/currencies/btc-usd
