Cryptocurrency market volatility resumes with Bitcoin 5 percent drop
Date
5/14/2024 5:18:04 AM
(MENAFN) In the midst of ongoing market fluctuations, digital currency prices experienced a decline yesterday, with Bitcoin taking a notable hit of approximately 5 percent, stabilizing around the USD60,000 mark. This drop comes amidst growing concerns over inflation expectations and stern remarks from Federal Reserve officials, which have contributed to the overall uncertainty surrounding cryptocurrencies.
Moreover, blockchain data revealed a decrease in activity on the Bitcoin network, signaling a slowdown in trading momentum. Reflecting this, the price of Bitcoin dipped to USD60,837 in recent trading hours, highlighting a challenging environment for one of the most established cryptocurrency networks.
Bitcoin, renowned as the pioneer of cryptocurrencies, achieved a significant milestone as it reached one billion transactions. This milestone comes precisely 15 years, 4 months, and four days after the inception of Bitcoin on January 3, 2009, when its elusive creator, Satoshi Nakamoto, mined the inaugural block on the groundbreaking blockchain network.
Meanwhile, other major cryptocurrencies also experienced declines. Ethereum, the second-largest cryptocurrency by market capitalization, saw a decrease of 1.64 percent, falling to USD2,873. Similarly, Binance Coin, another significant player in the digital currency landscape, witnessed a decline of 0.53 percent, reaching USD587. Cardano, yet another prominent cryptocurrency, recorded a decrease of 2.99 percent, with its price settling at USD0.4276. These fluctuations underscore the broader volatility gripping the cryptocurrency market amid ongoing economic and regulatory uncertainties.
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