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Cryptocurrency Price May 8: Bitcoin Slides Below $62,500; Solana, Dogecoin Drop More Than 4%
Cryptocurrency Markets witnessed a decline in Wednesday’s trading session, with Bitcoin, Ethereal, SolanaAND Dogecoin driving the decline. The global cryptocurrency market capitalization has also declined by 1.8% to around $2.3 trillion in the past 24 hours. As of 12:25 p.m., Bitcoin was down 1.6% to $62,490, while Ethereum was down 1.7% to $3,017. Additionally, altcoins like Solana (-4.8%), XRP (-3%), Dogecoin (-4.4%), Shiba Inu (-3%), Avalanche (-5.7%) and Internet Computer (-3.5%) followed suit in the downward trend.
“Markets continued to decline for the second day in a row after BTC failed to clear the $65k mark a couple of days ago. The next immediate support line for BTC remains around the $62k mark, which if breached, could take the price back to the recent lows of $57k,” he said. Coin switch Markets Office.
Meanwhile, Rajagopal Menon, vice-president of Italian:said, “Persistent selling pressure has raised concerns about a potential price decline towards the critical $58,000 support zone. While this level has historically acted as a solid floor for Bitcoin, a further decline cannot be completely ruled out.”
“Bitcoin’s long-term gains can be expected in September, aligned with the possibility of a 25bps upside rate cut from the Federals“While there is no clarity on this based on current market conditions, further updates on rate hikes will have an impact on the long-term price of Bitcoin,” Rajagopal said.
The volume of all stablecoins is now $59.06 billion, which represents 91.69% of the total 24-hour cryptocurrency market volume, according to data available on CoinMarketCap.
Over the same time frame, Bitcoin’s market cap dropped to $1.228 trillion, with BTC volume declining 16.6% to $25.47 billion.
“BTC Support It is now at the $61,500 level and the resistance is at the $64,500 level. We are likely to see range-bound trading for a few days as Bitcoin has not gained enough strength to make an upside move,” said Edul Patel, CEO of Mudrex.
(Disclaimer: Recommendations, suggestions, views and opinions provided by experts are personal. These do not represent the views of Economic times)
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