Latest Cryptocurrency News Today May 2, 2022

 Latest Cryptocurrency News Today May 2, 2022

Olainfo brings to you the latest cryptocurrency currency news, cryptocurrency prices, crypto trading, Bitcoin price and Ethereum price today May 2 2022 in Nigeria and from around the world.

Over 158,000 Crypto Investors Have All Their Funds Wiped Out as Bitcoin Buckles

As the US dollar makes a huge return, over 158,830 crypto traders were in tears as they watched all of their cash wiped out.

In one of the worst days for traders, Bitcoin and Ethereum values plummeted to around $387.96 million.

Other central banks have turned to the dollar as a result of the US Federal Reserve’s intervention and interest rate hike.

Approximately 158,832 traders had their investments liquidated, totaling approximately $387.96 million. A BTC-USD-220930 transaction at $2.93 is the largest single liquidation on Okx.

Bitcoin and Ethereum, the two most popular cryptocurrencies, have both broken through crucial support levels of $4000 and $3000, respectively, as investor mood is gloomy.

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A sharp sell off triggers crypto fall

According to promoters, the round of liquidations was sparked by a big selloff the week prior, which was fueled by a strong dollar, which has reached new highs in two decades.

Many altcoins such as Cardano, Solana and XRP saw a sharp drop in their prices. As investors stake that the US Federal Reserve’s interest rate increases will leave other Central banks in its wake, the US dollar soared to its highest level in 20 years on Thursday, 28,2022.

Other currencies make strong showing

The dollar remains a barometer of the US currency’s strength versus a variety of developed-country currencies, including the Euro, Yen, and British pound.

Pated the $100,000 mark before the year’s end Over the last two days, Bitcoin has been steadily dropping. Most of the time in the recent week, the $40,000 level has also served as a big fixed resistance level.

According to NairaMetrics report, Bitcoin and Ethereum prices have both broken their key support levels of $40K and 3K respectively, and investor sentiment is bearish.

Nicholas Oladipupo

http://olainfo.com.ng

A Nigerian journalist and graduate of Linguistics and Communication Studies. You can reach him via olaissure@gmail.com