The Bitcoin price fell to the $20,000 mark today
The Bitcoin price today stood at $35,857.39 at the time of writing this article. This was a sharp decline of 1.86 percent in the past 24 hours
Cryptocurrency Price Today: The global cryptocurrency market continued to decline on Saturday, May 7, as markets ended on a choppy note following the FOMC meeting and the US Federal Reserve's interest rate hike. The world's largest cryptocurrency by volume, Bitcoin, also fell another 2 percent on the day, falling below the $36,000 mark. This was the lowest level for the cryptocurrency in more than a month. The cryptocurrency market has remained volatile this year after continued attacks from the pandemic, the war between Russia and Ukraine and the resulting global inflation, which have caused traders to withdraw from investing in crypto coins.
The Bitcoin price today stood at $35,857.39 at the time of writing this article. This was a sharp decline of 1.86 percent in the past 24 hours, according to data from global cryptocurrency tracking website CoinMarketCap. Over the past seven days, Bitcoin, the world's largest cryptocurrency, has fallen more than 7.41 percent. Bitcoin lost about 10 percent of its value on Friday after a steep decline.
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 has fallen by as much as 2.96 percent in the past 24 hours. The world's second most popular currency had also lost much of its value on Friday. According to data, Ether price fell by about 5.85 percent over the past seven days.
“The outcome of the Federal Open Markets Committee and Fed chief Jerome Powell's press conference gave a slight boost to the crypto market as the committee decided to raise interest rates by 50 basis points and outlined plans to cool inflation. Most crypto gains were short-lived and the crypto market fell again after sellers returned to the market,” Shivam Thakral, CEO of BuyUcoin, said on Thursday.
The value of the global cryptocurrency market fell 2.05 percent to $1.64 trillion in the past 24 hours. Memecoins, including Dogecoin and Shiba Inu, also plummeted on Saturday. The Dogecoin price today stood at $0.1274, down 1.08 percent. Meanwhile, the Shiba Inu price today was $0.00001977, down 2.37 percent.
Here are the top 10 cryptocurrencies and their prices as of 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 lost $80.32 or 3.52 percent in the last 24 hours
Cardano lost $0.7686 or 3.23 percent 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
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