Bitcoin, Ether Trade in Red as Markets Reel Under Pressure

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Cryptocurrency Price Today: All major crypto coins except Tether and USD Coin suffered slight losses at opening on Wednesday, May 4 as markets remained choppy on the day ahead of the FOMC meeting and amid the Russia Ukraine tensions. The global cryptocurrency market remained flat, signifying the indecision of investors to trade in the business. Though Bitcoin went past the $38,000 mark briefly, it retraced later in the day and remained close to the $37,000 level.

Bitcoin price today at the time of writing this article was standing at $38,121.56, according to data from global cryptocurrency tracking website CoinMarketCap. This was down by 1.04 per cent in the last 24 hours. The world’s largest cryptocurrency is down by 0.80 per cent in the last seven days according to data.

“The Bitcoin markets retraced and was priced above $38,000; BTC price movement was more or less flat over the past 24 hours, indicating indecision from traders. Market participants will most likely expect the price volatility to continue into the rest of the week as the FED approaches its decision on the May interest hike,” said Darshan Bathija, CEO and co founder of Vauld.

The world’s second most popular cryptocurrency, was also down slightly on the day. Ether price today was standing at $2,795.88 at the time of writing, and was down by 1.68 per cent in the last 24 hours. Ethereum prices have dipped 1.80 per cent over the last seven days. On the other hand, popular altcoin Solana lost over 3 per cent to get valued at $86.01, data showed.

The global cryptocurrency market cap was trading at $1.72 trillion, a slight rise of 0.51 per cent over the last 24 hours. The total crypto market volume over the last 24 hours is $71.74 billion, which makes a 12.55 per cent decrease, data from CoinMarketcap showed on the day.

“Federal Open Market Committee (FOMC)’S meeting on Wednesday could result in an interest rate hike by 50 basis points. Usually, a hike in interest rates could negatively impact the Crypto and equities markets as investors are more cautious. Bitcoin’s current high correlation to the equities market means that the digital asset may face selling pressure in the market,” added Bathija.

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

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

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

Tether $1.00 or 0.01 per cent gain in the last 24 hours

BNB $386.32 or 0.97 per cent loss in the last 24 hours

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

XRP $0.6087 or 1.35 per cent loss in the last 24 hours

Solana $86.01 or 3.01 per cent loss in the last 24 hours

Terra $83.81 or 1.01 per cent gain in the last 24 hours

Cardano $0.7788 or 1.43 per cent loss in the last 24 hours

TerraUSD $0.9999 or 0.10 per cent loss in the last 24 hours

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