What’s going on in the market? Bitcoin and major altcoins price falls sharply on May 9

Opportunity for some but cause for concern for many others. Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. is approaching this May 9th the USD $30,000 barrier and the main altcoins are going down with falls exceeding 10% in the last 24 hours.

***

Price of Bitcoin falls hard this may 9th

As many of you have probably seen, the price of Bitcoin ( BTC ) for this May 9 goes down very strongly, registering a significant fall to trade at about USD $30.972 per unit, which translates into losses of 9.54% in the last 24 hours, losing almost USD $4,000 throughout the day.

The data reflected in our section CryptoMarkets reveal that over the last 24 hours it has been a steady fall, being especially pronounced after noon on May 9th and reaching its lowest point of the day shortly before 4:00pm (New York time) when it touched USD $30,548 per unit. Although there was a slight recovery afterwards, it does not seem that the indicators are given to think that this can be a point of support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. for Bitcoin, so it is still open the thesis that there may be a much steeper fall in the coming hours.

What is the reason for this drop?

Several reports published throughout the day point out that this fall is directly associated with the fears present in the market an area or arena, online or offline, in which commercial dealings are conducted. itself, since the pressure generated by the decline derives in fears in a large number of investors, who justly rush to sell their BTC as a measure to mitigate losses, thus generating a domino effect that ends up significantly harming the market.

Market data suggests that over USD61.595 million in trades have been recorded in the last 24 hours, which is more than 60% higher than yesterday’s volumes, and more than double last week’s. The largest amount of spot a contract or transaction buying or selling a cryptocurrency for immediate settlement, or payment and delivery, of the cryptocurrency on the market. trades are taking place via direct exchange. The largest amount of spot (direct exchange) sales are taking place via Binance, while in the futures a futures contract is a standardized legal agreement to buy or sell a particular commodity or asset at a predetermined price at a specified time in the future. market we have Kraken where a large number of trade orders are being settled.

As for the possible reasons, one of the aspects that played for good and today seems to be making its pressure felt strongly was the recent increase in interest rates decreed by the U.S. Federal Reserve. US Federal Reserve (FED), which last week implemented such a measure that many already saw coming. At the time the crypto markets reacted favorably, but once the enthusiasm ended, the downfall officially began and is extending up to the time of publishing.

• U.S. Federal Reserve Orders Another Half-Percentage-Point Hike in Interest Rates
• After the furor over the Fed announcement, Bitcoin and the main altcoins recorded significant declines on May 5

The fall not only affected Bitcoin

As many can imagine, the fall seen on May 9 was not only felt in the price of Bitcoin, as many of the major altcoins also went down with significant losses throughout the day.

A modo de resumen, entre las monedas más reputadas destacan las caídas vistas en el precio de Ethereum a decentralized open-source blockchain with smart contracts functionality. ( ETH ), BNB , XRP Solana ( SOL ), Cardano ( ADA ), Dogecoin ( DOGE ), Avalanche ( AVAX ), Polkadot ( DOT ), Shiba Inu ( SHIB ) and many others, which post losses of between 10% and 17% at the time of publication.

However, one of the cases with the steepest fall of the day is Earth ( LUNA ) whose digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currency currency is a medium of exchange that defines value. fell 29.65% in the last 24 hours, trading at USD $46.85 per unit at the time of publication. Let’s keep in mind that this digital currency has been in the spotlight after the launch of UST the algorithmic stablecoin a cryptocurrency with extremely low volatility, sometimes used as a means of portfolio diversification. Examples include gold-backed cryptocurrency or fiat-pegged cryptocurrency. for your ecosystem, which is backed by reserves of Bitcoin.

• Terra’s UST stablecoin faces difficulties to maintain its parity with the dollar
• Terra to lend USD $750 million in Bitcoin from its reserves to protect UST parity

Top losers for this May 9

As of press time, the currencies with the most pronounced downward fluctuations at this hour are as follows:

???? Losing Cryptocurrencies:$LUNA Land -35.75% ($42.86 USD)$LDO Lido DAO decentralized autonomous organization, system of rules that define how a decentralized organization should operate and which actions it should take. -22,43% (USD $2,22)$XEC eCash -19,31% (USD $0,00005617)$SHIB Shiba Inu -19,16% (USD $0,00001517)$APE ApeCoin -19.15% (USD $9.17)

https://t.co/HsIx58BGZC

— Diario฿itcoin (@DiarioBitcoin) May 9, 2022

The most important news of the day

We understand that this is a complex and especially sensitive time in the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. market, but if you are one of the people who see opportunities with the current prices, we remind you that our section CryptoMarkets buttons are now available for you to buy your favorite digital currencies.

If you wish to purchase Bitcoin ( BTC ), prefer to buy Ethereum ( ETH ) or want to get someTether ( USDT ), all you have to do is access our website CryptoMarkets and click on the currency of interest. In addition to viewing its price, performance and other market data, you will also find a buy button that will take you to a exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. reputable in which to do business.

We recommend everyone to be very attentive as this possibility will be added soon for a greater number of digital currencies.

Source: CryptoMarkets , CoinMarketCap

Imagen de Unsplash