Cryptocurrency Price on May 9: Bitcoin below $61.8K; Cardano, Toncoin surge up to 4%

Bitcoin was down 1.2% at $61,747 as of 11:44 a.m., while Ethereum was below the $3,050 level.

"In the last 24 hours, the crypto market remained in a sideways trend, with mixed trading seen in altcoins. BTC and ETH exhibited choppy price action amid a lack of significant macro announcements, leading to lower trading volume. ETF inflows also showed a slight negative trend," said CoinDCX Research Team.

Edul Patel, CEO of Mudrex, said, "Bitcoin fell to $61,000 level as regulatory scrutiny in the US looms. Investors are also pressured by uncertainty over the US interest rates, as the Fed signaled to keep the rates unchanged in 2024."

The volume of all stablecoins is now $59.66 billion, which is 91.65% of the total crypto market 24-hour volume, as per data available on CoinMarketCap.

In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, fell to $1.214 trillion. Bitcoin's dominance is currently 53.13%, according to CoinMarketCap. BTC volume in the last 24 hours fell 1% to $24.95 billion.
"Bitcoin has dropped below $62,000 after breaking down from a horizontal wedge pattern. A 2% dip has ensured today with the $60,800 level providing the next level of support. Its RSI (44) and MACD (41) indicate a period of sustained consolidation. BTC's volatility risk premium (VRP) has dropped from 15% in April to 2.5%, indicating a relatively less volatile market environment ahead," said Vikram Subburaj, CEO of Giottus.

Shivam Thakral, CEO of BuyUcoin, said, "Bitcoin has entered the re-accumulation phase as it consolidates for more than 2 months after ATH. We can expect one more ride to the recent lows, a retest around $59,000-60,000 level again. A clear break above $65,000 could restart the rally towards $70,000."

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Source: Forex-Markets-Economic Times