Why Is The Crypto Market Down Today?
The cryptocurrency market experienced a downturn, with the total market capitalization dropping to $2.21 trillion from $2.49 trillion in the last one month as of May 3, 2024. Bitcoin, the largest cryptocurrency, is currently trading at $60,692, 5.25% down over the past seven days but reflecting a 3.37% increase in the last 24 hours. Ethereum, the second-largest cryptocurrency, is trading at $3,032, down by 2.81% in the last seven days.
The cryptocurrency market is down today as investors await news on the Federal Reserve’s interest rate policy and the stall in spot BTC ETF inflows is affecting Bitcoin’s price.
How is the Crypto Market Performing?
The cryptocurrency market is exhibiting significant volatility, with prices fluctuating unpredictably. Currently, there is a downturn after Bitcoin surpassed its all-time high multiple times in March and the Bitcoin halving did not bring the surge that the market anticipated. As of the latest update, the Fear and Greed index stands at 48.67, indicating neutral state.
The largest cryptocurrency by market capitalization, Bitcoin, has fallen nearly 5.76% and is trading at $60,632 as of May 3, 2024. On the other hand, Ethereum almost dipped by
3.28% and is trading at $3,033.
