Cryptocurrency price today: The global cryptocurrency market on Saturday, May 7, continued to fall as markets ended on a choppy note after the FOMC meeting and US Federal Reserve rate hike. The world’s largest cryptocurrency by volume, Bitcoin, also fell another 2% on the day to drop below $36,000. It was the lowest the cryptocurrency had been in over a month. The cryptocurrency market has remained volatile this year after the sustained onslaught of the pandemic, the Russian-Ukrainian war, and resulting global inflation, which caused traders to stop investing in cryptocurrencies.
Bitcoin price today stands at $35,857.39 at the time of writing. This is a steep drop of 1.86% in the past 24 hours, according to data from global cryptocurrency tracking website CoinMarketCap. Over the past seven days, Bitcoin, the largest cryptocurrency in the world, has lost over 7.41%. Bitcoin lost about 10% of its value on Friday after a steep decline.
On the other hand, Ether price was trading today at $2,665.99 as of this writing, according to data from the same website. This has decreased by 2.96% in the last 24 hours. The second most popular coin in the world had also lost much of its value on Friday. Over the past seven days, the price of Ether has fallen by around 5.85%, according to the data.
“The Federal Open Markets Committee result and press briefing from Fed Chief Jerome Powell gave the crypto market a slight boost as the committee decided to raise the interest rate by 50 basis points and made plans to calm inflation. Most of the crypto gains were short-lived and the crypto market plunged again after sellers returned to the market,” BuyUcoin CEO Shivam Thakral said Thursday.
The value of the global cryptocurrency market fell 2.05% in the past 24 hours to $1.64 trillion. Memecoins, including Dogecoin and Shiba Inu, also plunged on Saturday. Dogecoin price today stood at $0.1274, down 1.08%. Meanwhile, the Shiba Inu price today was at $0.00001977, down 2.37%.
Here are the top 10 cryptocurrencies and their prices as of May 7, 2022 (According to data from coinmarketcap.com)
Bitcoin $35,857.39 or 1.86% loss in the last 24 hours
Ethereum $2,665.99 or 2.96% loss in the last 24 hours
Tether $1.00 or 0.00% loss in the last 24 hours
BNB $376.17 or 0.82% loss in the last 24 hours
USD Coin $1.00 or 0.01% loss in the last 24 hours
XRP $0.5958 or 2.15% loss in the last 24 hours
Solana $80.32 or 3.52% loss in the last 24 hours
Cardano $0.7686 or 3.23% loss in the last 24 hours
Terra $73.09 or 9.58% loss in the last 24 hours
TerraUSD $1.00 or 0.13% gain in the last 24 hours
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