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

economictimes.indiatimes.com:

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.»

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