Bitcoin made a significant correction to fall below $36,000. Bitcoin fell 8 percent in one day, while general stock markets fell sharply when the FOMC announced the 0.5 percentage point rate hike. In addition, the increasing outflow of BTC from exchanges also fueled it. 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,” the WazirX Trade Desk said.
“Global crypto and stock markets continue to move south as sellers dominated traditional and crypto markets all week. The overall crypto market is down nearly 4 percent, with Bitcoin losing 10 percent to find a new lower level of support, while Ether is down 4 percent. TRX was one of the few crypto assets to trade in green and saw a jump of about 3.5 percent,” said Shivam Thakral, CEO of BuyUcoin.
“The outcome of the Federal Open Markets Committee and the press conference by Fed chief Jerome Powell gave a slight push in the direction of the crypto market as the committee decided to raise interest rates by 50 basis points and put plans on the table to cool inflation. . Most crypto gains were short-lived and the crypto market collapsed again after sellers returned to the market,” he added.
Here are the top 10 cryptocurrencies and their prices on May 6, 2022 (data from coinmarketcap.com)
Bitcoin $36,264.00 or 8.22 percent loss in the last 24 hours
Ethereum $2,723.22 or 6.91 percent loss in the last 24 hours
Tether $1.00 or 0.00 percent loss in the last 24 hours
BNB $378.22 or 5.27 percent loss in the last 24 hours
USD Coin $1 or 0.01 percent loss in the last 24 hours
XRP $0.6043 or 5.39 percent loss in the last 24 hours
Terra $79.86 or 6.60 percent loss in the last 24 hours
Solana $82.51 or 11.02 percent loss in the last 24 hours
Cardano $0.7923 or 9.66 percent loss in the last 24 hours
TerraUSD $0.9996 or 0.18 percent loss in the last 24 hours
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