Global Crypto Market Dips by 7.30%, Major Cryptos Fall off Cliff
2022.05.06 15:41
Global Crypto Market Dips by 7.30%, Major Cryptos Fall off Cliff
- The global crypto market trades at $1.67 trillion.
- There is a 7.30% downtick for the crypto market over the last day.
- The US Federal Reserve’s plan for an increased interest rate is the expected reason for crypto price fall.
The fluctuating global crypto market has again flashed red with a majority of the cryptocurrencies going down in price value. Contrastingly, the crypto market was driving up the past day, where Bitcoin was registered at $39,000.
However, at the time of writing, the global crypto market cap hovers at $1.67 trillion, which is down by nearly 7.30% over the last day. 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.
Specifically, Bitcoin currently trades at a price of $36,492.57, with a great plunge of more than 7.8% in the past 24 hours. This price deflation is the worst daily drop 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. Notably, the $40,000 price target is again a challenge for BTC, which could be achieved only if it follows a trend line support in the upcoming days.
To add, the Twitter (NYSE:TWTR) audience is sharing their concern regarding the BTC price. The social media crypto community — The Moon — tweeted a question, asking the Twitter audience about the expected bounce for BTC.
When do you expect #Bitcoin to bounce?
— The Moon (@TheMoonCarl) May 6, 2022
Replying to The Moon, some optimistic people said: BTC would bounce back in the mid of May, most probably in three days, expected to surge at $17k, and even big or small bounce would happen in the future. However, in contrast to these comments, other tweeters said that BTC is not going to surge more.
Meanwhile, other cryptocurrencies like Ethereum (-6.11%), BNB (-6.6%), Solana (-15.19%), Dogecoin (-8.98%), Avalanche (-12.73%), and Polkadot (-14.18%) have also moved down with a steep descent in intraday.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.
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