Wednesday, May 22, 2024

Market Watch May 9: Bitcoin spins out of control, falls fourth consecutive day.

Bitcoin price has hit a new low since July 2021, falling for the fourth consecutive day. A broader stock sell-off in the United States last week sent the cryptocurrency market into a frenzy. This prompted the world’s most popular crypto to plummet by around 10%.

At the time of writing this article, BTC was trading at $33,784 after losing 2.47% in the last 24-hours. Its value has been down by 12.64% in the last seven days, as per data from CoinMarketCap. Bitcoin liquidations have been limited as market sentiment had expected a deeper pullback after a tumultuous week on stock markets. According to Coinglass, an on-chain monitoring resource, there were 24-hour liquidations for the top two cryptos – Bitcoin and Ether – running at around $80 million.

Credible Crypto, a popular Twitter crypto commentator, saw a flush taking Bitcoin to the low of $29,000 – marking a new 2022 low. However, bids near $30,000 may prove too enticing to leave unfulfilled. Credible Crypto tweeted that lows at $34,400 are almost taken, with eyes now on the $29,000 – $32,000 range. The analyst is focusing on if BTC can make a higher low above $34,400 and break $40,000 for a rally to the $44,000 – $45,000 range. If the higher low at $34,400 is lost, the lower bids would be filled. For now, the market expects a rally to the $40,000 mark.

Ether is also at the lows of $2,472. The second most popular crypto has lost 3.23% in the last 24-hours. The altcoins have been splashed in red due to Bitcoin’s deep dive. Terra LUNA, Avalanche, Polkadot, and Cardano are down by nearly 4%, Solana lost 2.72%, and XRP is down by 1.36%.


Cryptured Team
Cryptured Team
The writers team at is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

Most Popular