Cryptocurrency Price Today: The global crypto market on Saturday, May 7, continued to decline as markets ended on a shaky end following the FOMC meeting and the US Federal Reserve’s rate hike. The world’s largest cryptocurrency by volume, Bitcoin, also fell another 2 percent on the day to fall below $36,000. This was the cryptocurrency’s lowest level in more than a month. The cryptocurrency market has remained volatile this year following ongoing bouts of the pandemic, the war between Russia and Ukraine, and ensuing global inflation that drove traders back from investing in cryptocurrencies.
Today’s Bitcoin price stood at $35,857.39 at the time of writing this article. This was a sharp drop of 1.86 percent in the past 24 hours, according to data from global cryptocurrency tracking website CoinMarketCap. In the past seven days, Bitcoin, the world’s largest cryptocurrency, has lost more than 7.41 percent. Bitcoin lost about 10 percent of its value on Friday after a steep drop.
On the other hand, Ether price was trading at $2,665.99 today at the time of writing this article, according to data from the same website. This had fallen by a whopping 2.96 percent in the past 24 hours. The world’s second most popular coin had also lost much of its value on Friday. In the past seven days, Ether price has fallen about 5.85 percent, according to data.
“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,” said Shivam Thakral, CEO of BuyUcoin on Thursday.
The value of the global cryptocurrency market has fallen 2.05 percent in the past 24 hours to a scale of $1.64 trillion. Memecoins including Dogecoin and Shiba Inu also collapsed on Saturday. Dogecoin price stood at $0.1274 today, down 1.08 percent. Meanwhile, the Shiba Inu price was $0.00001977 today, down 2.37 percent.
Here are the top 10 cryptocurrencies and their prices on May 7, 2022 (according to data from coinmarketcap.com)
Bitcoin $35,857.39 or 1.86 percent loss in the last 24 hours
Ethereum $2,665.99 or 2.96 percent loss in the last 24 hours
Tether $1.00 or 0.00 percent loss in the last 24 hours
BNB $376.17 or 0.82 percent loss in the last 24 hours
USD Coin $1.00 or 0.01 percent loss in the last 24 hours
XRP $0.5958 or 2.15 percent loss in the last 24 hours
Solana $80.32 or 3.52 percent loss in the last 24 hours
Cardano $0.7686 or 3.23 percent loss in the last 24 hours
Terra $73.09 or 9.58 percent loss in the last 24 hours
TerraUSD $1.00 or 0.13 percent gain in the last 24 hours
Read all the latest news, breaking news and IPL 2022 Live Updates here.
