Crypto Market Sees Slight Dip Amid Stock Market Woes
Crypto markets experienced a slight downturn, dropping 0.48%.This decline mirrors the stock market’s performance and technical challenges for Bitcoin.
On May 6, the crypto market cap fell 0.54%,settling at $2.94 trillion. The downturn was influenced by macroeconomic concerns and Bitcoin’s technical issues. The Dow Jones dropped over 400 points, reflecting a 1.00% loss. Other major stock indices also suffered. bitcoin and stocks often move in tandem, so this wasn’t surprising.
Macroeconomic worries and Donald Trump’s tariff threats added too the gloom. Trump’s recent tariff announcements on pharmaceuticals and movies have traders on edge. These factors likely fueled the bearish sentiment. Bitcoin, the leading cryptocurrency, saw its price dip slightly. though, it held up better than most altcoins, boosting its market dominance to 64.1%, the highest as January 2021. Bitcoin’s price hovered around $94,841, a 0.01% decrease from the previous day. The crypto market’s correlation wiht stocks means similar forces affect both. The president’s tariff threats on various sectors, including pharmaceuticals and movies, have raised concerns among traders.
Bitcoin’s resilience is evident as it maintained a market dominance of 64.1%. Though, it faces technical hurdles. A long-term resistance level, formed after its January peak, has kept Bitcoin’s price in check. Without a meaningful catalyst, further declines are possible.
