Cryptocurrency Price on May 7: Bitcoin falls below $63,700; Shiba Inu, Dogecoin tank 5%

Cryptocurrency markets saw a downturn in Tuesday’s trading session, with Bitcoin, Ethereum, and Dogecoin leading the decline. The global cryptocurrency market cap also dipped 1.8% to approximately $2.34 trillion within the last 24 hours.

As of 12:14 p.m., Bitcoin was trading 1% lower at $63,649, while Ethereum experienced a 3.5% drop to $3,068. Additionally, altcoins like BNB (-1.1%), Dogecoin (-4.9%), Toncoin (2.6%), Cardano (3.3%), Avalanche (-3.1%), and Shiba Inu (-5.2%) followed suit in the downward trend.

The crypto market sentiment was further impacted by news of significant transfers from FTX-associated addresses and a Wells Notice issued to Robinhood by the SEC, alleging unauthorized digital asset trading categorized as securities.

CoinDCX Research Team noted, “In the short term, both BTC and ETH show bearish price action, though the higher time frame remains bullish. BTC needs to reclaim the $67,000 level, while ETH must surpass $3,250 to regain momentum.”Also Read: Grayscale Bitcoin Trust’s shares jump after first inflow since JanuaryStablecoins accounted for $69.86 billion in volume, representing 91.12% of the total crypto market’s 24-hour volume, according to CoinMarketCap.Within the same timeframe, Bitcoin’s market cap rose to $1.253 trillion, with BTC volume surging by 67.8% to $30.57 billion.Vikram Subburaj, CEO of Giottus, analyzed Bitcoin’s technicals, stating, “Bitcoin, after breaching $65,000 briefly, is consolidating above $63,500 today. The asset has found strong support at the 0.5 fib extension ($60,700), aligned with its 100-day MA at $60,850. Its RSI levels continue to improve towards a neutral territory. Bitcoin can consolidate at these levels for a few more days before it holds $65,000 and turns bullish.”

Regarding Cardano, Rajagopal Menon, Vice President at WazirX, remarked, “Cardano is looking at an accumulation phase which means the network could see more buying activity in the coming days, creating a potential for a price surge. Its technical indicators are favourable and all signs point to a buying activity for investors in the coming days.”

In Tuesday’s trade, Cardano saw a 3.3% decline to $0.4476. Over the past month, the crypto token dropped by 24%, yet it rallied by 17% over the last year.

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