BTC drops 8% in two days

Bitcoin (BTC) dropped by nearly 5% to $37,000 on May 5, falling again the following day by an overall 8% down to $36,251.50, from its recent rise to $40,000 on May 4.

It seems that Ethereum, the second-largest cryptocurrency followed suit on May 5 with ETH declining by a drop not dissimilar to BTC’s (also at 5%).

The market cap saw a dip from $2,900 to $2,750 in a matter of hours (as of Thursday May 5). Over the following 24 hours, the coin had hit an overall drop of 7%, trading at $2,710.

As of May 5, the market cap for crypto assets had declined by around 7% with a decrease from $1.89tn to $1.77tn.

Those affected the most were ApeCoin, Near Protocol (who also took a hit in April) and STEPN. Now, updated figures show that in less than 24 hours $129bn in total was sliced off the cryptocurrency market as of 4:03am ET Friday May 6, according to data from CoinMarketCap.

The decrease across the crypto market could be attributed to the US Federal Reserve raising interest rates by half a percentage point.

In the meantime, while you wait to see the outcome for BTC and ETH, if you are interested in traditional gaming products, we recommend turning to Bitcasino, 1xBit, and FortuneJack.

Source

Updated: 05/09/2022 — 07:00

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