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Cryptocurrency

6 May 2022

Bitcoin Plunges by over $35,500 with Dow Recording Worst Trading Day since 2020

The Index Today

World financial markets found themselves in turmoil on Thursday after the Dow Jones marked a plunge by 1,063 points while Bitcoin’s price took a tumble on Binance to $35,571.

According to Coin Telegraph, this comes in the wake of the U.S. Federal Reserve’s latest interest rate hike by a half percentage point to counter red hot inflation figures, leaving investors on the edge.

As per the independent market analyst, Michaël van de Poppe, the marker defining bulls and bears is placed a touch above or below $37,500. He said, “Then I'm assuming we'll test $39,000 again as there's a big gap in between. Under $37,500, nothing to say about bullish perspectives.”

The general cryptocurrency market cap is currently at $1.66 trillion with Bitcoin’s dominance rate recorded to be at 41.5%, reported Coin Telegraph.

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