Bitcoin, Most Cryptocurrencies Open with Losses as US Mulls More Rate Hikes

While BTC is priced $36,465 (roughly Rs. 28 lakh) on international exchanges, ETH is trading at around $2,916 (roughly Rs. 2.25 lakh).

By Radhika Parashar | Updated: 6 May 2022 11:07 IST

Bitcoin, Most Cryptocurrencies Open with Losses as US Mulls More Rate Hikes

Photo Credit: Pexels/ Rodnae Productions

The global crypto market’s value slipped over 8 percent in the past 24 hours

Highlights

Avalanche, Solana saw gains
DOGE, SHIB impacted by losses
Current crypto market cap is $1.66 trillion

Reds dominated the crypto price chart on May 6, 2022 as majority cryptocurrencies opened with minor, but notable losses. Bitcoin stepped into Friday with a sizable dip of 6.67 percent. As per Indian exchange CoinSwitch Kuber, BTC is currently trading at $38,630 (roughly Rs. 29 lakh). The oldest cryptocurrency saw even bigger losses on international exchanges. Binance and CoinMarketCap for instance, showed BTC values dipped by up to 7.69 percent. The oldest cryptocurrency is priced $36,465 (roughly Rs. 28 lakh) on international exchanges.

Ether saw losses, slightly smaller that Bitcoin. ETH fell by 4.88 percent to trade at $2,916 (roughly Rs. 2.25 lakh) as per Gadgets 360's crypto price tracker.

Majority altcoins like Binance Coin, Solana, Ripple, Cardano, and Avalanche tumbled down the price charts along with BTC and ETH.

Hawaii Votes in Favour of the Creation of a Crypto Regulation Task Force

Even memecoins Dogecoin and Shiba Inu remained affected by losses.

The US Federal Reserve has been revising its economic structure as fears of recession loom over the nation.

The organisation lifted its core interest rate by 0.5 percent earlier this week — making for its second hike in two months and the largest increase since 2000. The inflation levels in the US have reached 40-year highs stirring concerns among investors of stocks and cryptocurrencies.

New York’s Plan to Ban Non-Green Crypto Miners Garners Opposition

Since cryptocurrencies fall under the high-risk category of investments, investors are refraining from pushing their money into volatile sectors such as virtual assets.

The global crypto market's value slipped over 8 percent in the past 24 hours.

As per CoinMarketCap, the current market cap of the crypto industry stands reduced to $1.66 trillion (roughly Rs. 1,28,06,601 crore). As of May 4, the figure was higher at $1.71 trillion (roughly Rs. 1,71,619 crore).

Meanwhile, stablecoins such as Tether, USD Coin, and Binance USD managed to reel-in very small gains.

In other developments, the International Monetary Fund (IMF) has advised the Central African Republic to not go ahead with its plans of adopting Bitcoin as a legal tender.

While the IMF continues to remain sceptical about the crypto space, France has become the first European nation to grant Binance crypto exchange, official licence to operate in the country.

Kazakhstan and US' New York state, on the other hand, are working to keep crypto miners in check to avoid power crisis in the regions.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ether, Binance Coin, Solana, Terra, Cardano, Polkadot, Avalanche, Dogecoin, Shiba Inu, Tether, USD Coin, Binance USD

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More