Cryptocurrency price

Bitcoin and Ether trade red as markets come under pressure

Cryptocurrency price today: All major crypto coins except Tether and USD Coin suffered small losses at the Wednesday May 4 open as markets remained choppy the day before the FOMC meeting and amid tensions between Russia and Ukraine. The global cryptocurrency market remained stable, signifying investor indecision to trade in the business. Although Bitcoin briefly broke above the $38,000 mark, it came back later in the day and remained close to the $37,000 level.

The price of bitcoin today at the time of writing was $38,121.56, according to data from global cryptocurrency tracking website CoinMarketCap. This has decreased by 1.04% in the past 24 hours. According to the data, the world’s largest cryptocurrency is down 0.80% in the past seven days.

“Bitcoin markets retreated and were valued above $38,000; BTC price movement has been more or less stable over the past 24 hours, indicating traders’ indecision. Market participants will most likely expect price volatility to continue for the remainder of the week as the FED nears its decision on the May interest rate hike,” said Darshan Bathija, CEO and co-founder of Vauld.

The second most popular cryptocurrency in the world also fell slightly on the day. Ether price today stands at $2,795.88 at the time of writing and is down 1.68% in the last 24 hours. Ethereum prices have fallen 1.80% in the past seven days. On the other hand, the popular altcoin Solana lost more than 3% to be valued at $86.01, according to the data.

The global cryptocurrency market capitalization traded at $1.72 trillion, a slight increase of 0.51% in the past 24 hours. The total crypto market volume in the past 24 hours is $71.74 billion, which represents a decline of 12.55%, according to CoinMarketcap data released that day.

“Wednesday’s Federal Open Market Committee (FOMC) meeting could push interest rates up 50 basis points. Usually, a rise in interest rates could negatively impact the crypto and equity markets as investors are more cautious. Bitcoin’s current high correlation with the equity market means that the digital asset may face selling pressure in the market,” Bathija added.

Here are the top 10 cryptocurrencies and their prices as of May 3, 2022 (data from coinmarketcap.com)

Bitcoin $38,121.56 or 1.04% loss in the last 24 hours

Ethereum $2,795.88 or 1.68% loss in the last 24 hours

Tether $1.00 or 0.01% gain in the last 24 hours

BNB $386.32 or 0.97% loss in the last 24 hours

USD Coin $1 or 0.01% gain in the last 24 hours

XRP $0.6087 or 1.35% loss in the last 24 hours

Solana $86.01 or 3.01% loss in the last 24 hours

Terra $83.81 or 1.01% gain in the last 24 hours

Cardano $0.7788 or 1.43% loss in the last 24 hours

TerraUSD $0.9999 or 0.10% loss in the last 24 hours

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