Bitcoin Tanks To Lowest Value In A Month, Ether, Solana Drop Sharply; Full List

Bitcoin (BTC) values have tanked to their lowest levels and stood at $36,264.00 at the time of writing this article. It constituted a sharp fall of 8.22% in the past day. The Federal Interest hike buoyed the cryptocurrency market, and it started showing bullish sentiments. However, the surge was short-lived, and the crypto market crashed. Bitcoin is at its lowest value this month, while Altcoins suffered the same fate. Ether, and Solana, have ended in red and lost 12 percent each. Avalanche also suffered a dip of 15% in its values. Till the time of writing this article, BTC values stood at $36,264.00 while Ether values hovered at $2,723.22, a fall of 6.91%.

Bitcoin Values Were In A Correction Phase.

WazirX Trade Desk reported that Bitcoin values were in a correction phase and hovered below 36K. It represents a steep fall of 8% in a single day. Significantly the stock market also took a beating as soon as the news filtered that the FOMC had declared a 0.5% hike in interest rates. The steady outflow of Bitcoin from the exchanges worldwide created a panic bearish sentiment. Looking at the daily trend, it is safe to assume that Bitcoin has broken off from the triangle pattern, and the next resistance level will be $48,600, and immediate support for BTC is expected at $33,100 levels.

Ether Values Tank

Shivam Thakral, CEO of BuyUcoin, said that events pushed the stock market into the red. Unfortunately, the same fate awaits the cryptocurrency market, which experienced a drop of 4%. Again, BTC and ETH were the significant casualties, with the former losing 8% and the latter 4% of our values. The only silver lining in an otherwise grim cloud was TRX. TRX was one of the few crypto assets to trade in green and saw a jump of roughly 3.5 percent.

The increase in interest rate by 50 base points seemed to buoy the cryptocurrency sector. However, it did not have a significant impact, and eventually, after a brief blip when the market was bullish, it tanked and entered the bearish phase again. As a result, most gains were short-lived, and the crypto market nosedived again.

“Here are the top 10 cryptocurrencies and their prices on May 6, 2022 (data from coinmarketcap.com)

• Bitcoin $36,264.00 representing an 8.22 percent drop past 24 hours
• Ethereum $2,723.22 representing a 6.91 percent drop past 24 hours
• Tether $1.00 representing a 0.00 percent drop past 24 hours
• Terra $79.86 representing a 6.60 percent drop past 24 hours
• Solana $82.51 representing an 11.02 percent drop past 24 hours
• Cardano $0.7923 representing a 9.66 percent drop past 24 hours
• BNB $378.22 representing a 5.27 percent drop past 24 hours
• USD Coin $1 representing a 0.01 percent drop past 24 hours
• XRP $0.6043 representing a 5.39 percent drop past 24 hours