24 Hrs Crypto Update, May 08:BTC below $28k; Litecoin,Polygon,Dogecoin
- BTC experienced a drop below the $28,000 mark. This decline was attributed to the network congestion caused by the hype surrounding memecoins, which subsequently led to an increase in transaction fees. Additionally, Ether and other non-stablecoin tokens within the top 10 also witnessed a decline in value
- In the past 24 hours, the market value of several prominent cryptocurrencies, such as BTC, LTC, DOGE, and XRP, has experienced a significant decline
BENCHMARK
| Indices | LTP | Change (%) |
|---|---|---|
| BITCOIN | $27730 | 2.88% |
| ETHEREUM | $1853 | 1.49% |
CRPTO STATS(24H)
| Indices | VALUE | Change (%) |
|---|---|---|
| MARKET CAP | $1.19 T | 1.60% |
| TRADING VOLUME | $45.10 B | 30.83% |
TOP 5 GAINER
| Indices | LTP | Change (%) |
|---|---|---|
| Mirrored Ether | $1.84 | 1692.29% |
| Meme | $169.19 | 262.30% |
| SCOneX | $0.0079 | 212.74% |
| CluCoin | $0.0000000035 | 138.59% |
| Populous | $0.022 | 47.82% |
TOP 5 LOSER
| Indices | LTP | Change (%) |
|---|---|---|
| Kepple(OLD) | $0.00082 | 97.97% |
| AidosKuneen | $0.017 | 89.49% |
| AMDG | $0.0051 | 78.95% |
| Recast1 | $0.0000000080 | 65.42% |
| GM | $0.000013 | 43.57% |
On Tuesday, several major cryptocurrency tokens experienced
a decline in trading. The primary catalysts behind this weakness were Bitcoin and select altcoins, which were impacted by the ongoing resolution of the banking crisis in the United States. Furthermore, the subdued trading volume and withdrawals contributed to the prevailing weakness. Traders are now closely monitoring the upcoming US inflation data on Wednesday, as it will provide crucial insights into the future trajectory of monetary rates.
Major Events Around the World
On Monday, Bittrex, a cryptocurrency exchange, filed for bankruptcy in the state of Delaware. This comes after the company announced its plans to wind down operations in the United States and after being sued by the Securities and Exchange Commission (SEC). According to a court filing shared by Randall Reese of Chapter 11 Dockets, a bankruptcy tracker, Bittrex believes it has over 100,000 creditors, with estimated liabilities and assets ranging from $500 million to $1 billion.
During a fireside chat at the Dubai Fintech Summit, Brad Garlinghouse, the CEO of Ripple, disclosed that defending the lawsuit with the Securities and Exchange Commission (SEC) would have cost the firm approximately $200 million. This revelation sheds light on the challenges that cryptocurrency companies face in the United States due to unclear regulations.
The digital currency ecosystem at large is currently facing a significant price surge due to reports indicating that the Bitcoin network is grappling with a massive transaction congestion. This congestion has led to an unprecedented increase in gas fees, which has compelled some exchanges to temporarily suspend BTC transactions over the weekend.
COIN GABBAR Views: Can Binance's Listing Boost the Price? Are you searching for the next significant cryptocurrency investment opportunity after missing out on the explosive growth of Pepecoin (PEPE)? Additionally, what is the current status of Bitcoin and Ethereum price action? Is the rally over, or is a correction on the horizon? Stay tuned for updates and the latest news us at coin gabbar
Also read: Meme Coin Mania: Pepe Token Crashes After Reaching Record High
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
