Cryptocurrency market volatility continues amid bitcoin drop

2024-05-13 09:23:18

(MENAFN) On Monday, the cryptocurrency market continued its trend of fluctuation, with Bitcoin experiencing a notable decline of nearly 5 percent, hovering around the USD60,000 mark. Heightened concerns regarding inflation expectations and stern statements from Federal Reserve officials have contributed to the challenges facing cryptocurrencies.

Blockchain data further indicated a decrease in activity on the Bitcoin network, suggesting reduced trading frequency. In response to these developments, the price of Bitcoin dipped to approximately USD60,837 in recent trading hours.

In tandem with Bitcoin's decline, other prominent cryptocurrencies also witnessed price drops. Ethereum, for instance, experienced a decrease of 1.64 percent, reaching USD2,873, while Binance Coin's price fell by 0.53 percent to USD587. Cardano recorded a decline of 2.99 percent, settling at USD0.4276.

Amongst the broader range of cryptocurrencies, Ripple saw a decline of 3.40 percent, falling to USD0.4900, while Dogecoin experienced a notable decrease of 4.86 percent, reaching USD0.136502.

Over the course of the past seven days, Bitcoin has registered a modest increase of 4.71 percent in its value. However, other cryptocurrencies have displayed varying fluctuations in their performance, reflecting the inherent volatility of the digital asset market.

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