Synopsis
Cryptocurrency markets saw a decline in prices on Tuesday, with Bitcoin dropping 2.14% to $27,580 and Ethereum trading below $1,850. The global cryptocurrency market cap fell 1.73% in the last 24 hours to around $1.14tn, with other major cryptocurrency tokens also trading lower. Reports of network congestion and paused Bitcoin withdrawals issued by Binance caused market speculation. Industry experts predict the market will remain choppy, with US CPI inflation data expected to be key to holding the market structure.
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Explore NowThe cryptocurrency markets were trading in the red on Tuesday ahead of US inflation data. Bitcoin (BTC) declined 2.14% to $27,580 and Ethereum (ETH) was below the $1,850 level.
BTC volume stood at approximately $17.73 billion, rising 32.6% in the last 24 hours.
“Bitcoin (BTC) has dropped 7% since Saturday as reports of network congestion and pausing of BTC withdrawals subsequently by Binance has led to market speculation. However, price action continues to demonstrate strong consolidation as we anticipate a rebound later this week. US CPI inflation data will be key to holding this market structure,” Vikram Subburaj, CEO of Giottus Crypto Platform, said.
Other top crypto tokens were also trading lower. Polygon declined by over 4%. Litecoin, Dogecoin and XRP were also trading with cuts. The global cryptocurrency market cap was trading lower around $1.14 trillion, falling 1.73% in the last 24 hours.
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View Details »The total volume in DeFi is currently 3.27 billion, 7.78% of the total crypto market 24-hour volume. The volume of all stablecoins stood at $37.92 billion, which is 90.29% of the total crypto market 24-hour volume.
The market cap of Bitcoin, the world’s largest cryptocurrency, was around $534 billion. Bitcoin’s dominance is currently 46.92%, a decrease of 0.17% over the day, according to CoinMarketCap.
“The crypto market witnessed new weekly lows as Bitcoin slipped below the $28,000 market on Monday wiping $60 billion from the crypto market. Bitcoin’s decline pulled down other altcoins as well with ETH, XRP, SOL, and DOT witnessing a similar downward trend,” Shivam Thakral, CEO of BuyUcoin, said.
“The latest developments at Binance over the weekend may have spooked investors resulting in the latest dip in prices. The market is expected to remain choppy this week owing to the fluid macroeconomic factors,” he added.
Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 1.08 hours, IST on May 09, 2023)
Bitcoin $27,580 -2.14%
Ethereum $1,842 -1.03%
Tether $1.00 -0.08%
BNB $314 -0.96%
XRP $0.4243 -3.16%
Cardano $0.3641 -1.01%
Dogecoin $0.07266 -2.70%
Polygon $0.8923 -4.24%
Solana $20.61 -2.91%
Polkadot $5.36 -1.31%
Tron $0.06865 -0.10%
Litecoin $78.51 -3.76%
Shiba Inu $0.000008799 -1.96%
(Note: Price change in last 24 hours)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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