Crypto Market Overview: Binance Halts Bitcoin Withdrawals
On May 8, 2023, shares of cryptocurrency and blockchain-related companies fell in premarket trading after Binance halted its bitcoin withdrawals for several hours due to heavy volumes and rising processing fees. The halts pushed Bitcoin, the world’s biggest cryptocurrency, down 2% to a one-week low of $27,9001. Crypto exchange Coinbase Inc fell 4%, while blockchain-farm operator Bitfarms Ltd dropped 4.3%.
Bitcoin Price Today
The current price of Bitcoin (BTC) is $27,347.53, with a 24-hour trading volume of $21,018,058,420. This reflects a -5.58% price drop over the last 24 hours and a -6.92% price drop over the past 7 days. Bitcoin’s market cap is valued at $529,597,596,969, with a circulating supply of 19 million BTC.
Today, the overall market capitalization of the global cryptocurrency market is $1.18 trillion, which has decreased by -4.68% over the last 24 hours and -29.18% from one year ago. Bitcoin (BTC) is currently leading the market, with a market cap of $532 billion, representing a Bitcoin dominance of 45.11%. On the other hand, Stablecoins has a market cap of $131 billion and make up 11.12% of the total crypto market cap.
The bears dominated the market today as 84% of coins lost value in the last 24 hours 1. Today’s top gainers are UMA, Radicle, and Stacks 1. Thanks to a 17.61% price increase, UMA was the biggest gainer of the day among the top 200 cryptocurrencies by market cap.
Latest movers:
- Bitcoin $27,434.00 -5.28%
- Ethereum $1,835.24 -4.26%
- Stacks $0.753.00%
- Pepe $0.000002 -37.93%
- UMA $2.77 -7.86%
- Radicle $2.79 -0.36%