Bitcoin’s price has decreased today, causing traders to become frustrated and market sentiment to suffer as a result of ongoing congestion. According to Cointelegraph Markets Pro and TradingView, Bitcoin is trading below $28,000 as of May 8th. The largest cryptocurrency is still experiencing a dip in sentiment due to transaction fees reaching their highest levels
Analysis
Over the weekend, Bitcoin (BTC) experienced fresh volatility in trading as low-liquidity testing put its trading range to the test. According to data from Cointelegraph Markets Pro and TradingView, BTC/USD lost over $1,000, or 3%, in just a matter of hours on May 6. While it saw more active conditions typical of weekend trading, it
The Ethereum Foundation recently transferred nearly $30 million in Ether (ETH) to the Kraken cryptocurrency exchange, causing concerns among traders about a possible selloff event. This resulted in a 4.8% decline in the price of ETH to $1,900. However, this decrease has been insignificant so far, given the wider recovery trend in the market. Despite
The SUI token has experienced a significant drop in price after its market debut on leading cryptocurrency exchanges. Just two days after establishing a record high of around $4 on Binance, SUI’s price dropped about 70% to $1.26 per token on May 5. However, on Kraken and other exchanges, its market cap was $1.60 or
Bitcoin (BTC) has reached a new May high of $29,529 on Bitstamp and is eyeing a reclaim of further lost ground as the $30,000 mark remains in play. Despite experiencing a dip in response to the US equities market opening on May 4, BTC/USD quickly rebounded as $29,000 support returned. The ongoing US banking crisis,
Pepe (PEPE), the new meme-coin, has entered a sharp correction phase after a surge of more than 2,000% since its debut a few weeks ago. On May 3, the PEPE price dropped to $0.00000089, down about 35% from its record high of $0.00000138 established two days ago. As a result of the correction, its market
The recent price movements of Bitcoin have been a topic of discussion for many analysts and investors. While the crypto managed to defend the $28,000 support on May 2, it is yet to reclaim the $29,200 level from April 30. Analysts have attributed the recent downtrend to the expectation of an interest rate increase by
Bitcoin (BTC) experienced daily lows on May 3rd, as markets awaited the Federal Reserve’s interest rate decision. Data from various sources showed BTC/USD reaching $28,152 on Bitstamp, down 2.2% from the day’s highs. The pair continued to be volatile into the May 3rd meeting of the Federal Open Market Committee (FOMC), the event that accompanies
Bitcoin (BTC) has begun a new week with increased volatility following the announcement that First Republic Bank is being placed in public receivership and taken over by JPMorgan Chase. This news comes before this week’s Federal Reserve meeting, where the next interest rate shift will be revealed, adding further potential pressure to BTC price action.
Bitcoin experienced significant volatility between April 25 and May 1, fluctuating between $27,200 and $30,000. While this 10.5% move may cause alarm from a trading perspective, resulting in $340 million in leveraged BTC futures contract liquidations, from a broader perspective, Bitcoin’s price is up 72% year-to-date in 2023, while the S&P 500 stock market index