Price analysis 5/9: BTC, ETH, BNB, XRP, SOL, ADA, LUNA, DOGE, AVAX, DOT

2022.05.09 21:51

Price analysis 5/9: BTC, ETH, BNB, XRP, SOL, ADA, LUNA, DOGE, AVAX, DOT

Global equity markets extended their decline on May 9 and the S&P 500 fell to a new 52-week low. Bitcoin (BTC) dropped to a new year-to-date low and most major altcoins extended their decline as they tracked the weakness in the stock markets.

Data from blockchain analytics firm Glassnode shows that Bitcoin inflows to centralized exchanges have risen to more than 1.7 million coins, the highest since February. This suggests that whales may be dumping their holdings as they anticipate an extended downtrend.

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