According to the result obtained on May 6 2022, most of the significant cryptocurrencies opened with minor, yet significant losses. On Friday, Bitcoin had a dip of around 6.67%. According to the Indian exchange CoinSwitch Kuber, BTC is trading at $38,630 at present.
There were even more considerable losses for the oldest cryptocurrency on international exchanges. For example, CoinMarketCap and Binance portrayed BTC values dipped by around 7.69%. The pricing for the oldest cryptocurrency is approximately $36,465 on international exchanges.
Ether also faced some losses, even though they were less than Bitcoin. According to Gadgets 360’s crypto price tracker, ETH dropped by 4.88 % to trade at $2916.
Most of the altcoins had a fall down the price starts along with ETH and BTC, including Solana, Cardano, Avalanche, Ripple and Binance Coin. Even meme coins like Shiba Inu and Dogecoin could not avoid getting affected by the losses.
The fear of recession is taking over the US, and hence the US Federal Reserve has been altering its economic structure. Earlier this week, the organisation increased its ko interest rate by 0.5%. This has been the second hike in 2 months and the highest increase ever since 2000. The investors of stocks and cryptocurrencies are getting highly concerned as the inflation levels in the US are reaching record highs.
Cryptocurrencies are categorised as high-risk investments, and hence the investors are not willing to put their money into volatile sectors like virtual assets. There has been a fall of over 8% in the Global Crypto market during the past 24 hours.
The current market cap of the Crypto industry remains reduced to $1.66 2 trillion, according to CoinMarketCap. Slightly higher at $1.71 trillion as of 4 May.
In the meantime, stablecoins like Binance USD, Tether and USD Coin have earned minimal profits.
On one hand, the International Monetary Fund has advised the Central African Republic to pause its plans to accept Bitcoin as legal tender. While France, on the other hand, became the first European Nation to grant an official licence to Binance Crypto exchange for operating in the country.