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“Bitcoin corrected significantly to fall below $36,000. Bitcoin fell 8 percent in one day as stock markets fell sharply with the Federal Open Market Committee announcing a 0.5 percent increase in interest rates. Moreover. The rising influx of Bitcoin from exchanges also sparked bearish sentiment among investors. The daily trend of Bitcoin (BTC) has broken out of the long triangle shaped pattern. Next resistance is expected at $48,600 and immediate support for BTC is expected at $33,100.”
Global cryptocurrency and stock markets continue to move south as sellers dominated the traditional and cryptocurrency markets throughout the week. The overall cryptocurrency market is down nearly 4 percent as Bitcoin slumps 10 percent to find a new lower support level while Ether is down 4 percent. Shivam Thakral, CEO of BuyUcoin, said that TRX was one of the very few crypto assets that were trading in the green and saw a jump of nearly 3.5 percent.
“FOMC results and Federal Reserve Chairman Jerome Powell’s press briefing gave the cryptocurrency market a slight boost as the committee decided to raise interest rates by 50 basis points and put plans in place to cool inflation. Most of the cryptocurrency gains were short-lived and the cryptocurrency market fell again after a comeback sellers to market.
Here are the top 10 cryptocurrencies and their prices on May 6, 2022 (data from coinmarketcap.com)
Bitcoin $36,264.00 or 8.22% loss in the last 24 hours
Ethereum $2,723.22 or 6.91 percent loss in the last 24 hours
Assess a loss of $1.00 or 0.00 percent in the last 24 hours
BNB $378.22 or 5.27% loss in the last 24 hours
USD Coin 1 USD or 0.01 percent loss in the last 24 hours
XRP $0.6043, or 5.39 percent loss over the past 24 hours
Terra $79.86, or 6.60 percent loss over the past 24 hours
Solana $82.51 or 11.02 percent loss over the past 24 hours
Cardano $0.7923, or a loss of 9.66 percent in the past 24 hours
TerraUSD 0.9996 or 0.18% loss in the last 24 hours
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