Over the past month, the overall crypto markets have been declining, with a significant drop in the first week of May. During this time, the price of bitcoin (BTC) started decreasing from its recent high of around $30,000 at the end of April.
On May 12, the price of bitcoin experienced a significant drop, reaching approximately $26,290. This drop coincided with a loss of $140 billion in the total market value of cryptocurrencies worldwide within a 24-hour period.
Furthermore, the leading cryptocurrency, BTC, has seen a 1% decline in the last 24 hours and is currently trading around $26,800. Recent data indicates that the trading volume for bitcoin has increased by 33% in the past day, reaching $9.8 billion.
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According to a poll conducted on Twitter, the crypto community believes that the price of BTC will remain above $25,000 despite the recent drop.
Out of 439 votes at the time of writing, around 30% of participants anticipate a price drop between $17,000 and $24,999 for BTC. Meanwhile, 14% of voters believe that bitcoin could fall below $10,000, although this suggestion was perceived by some as a joke within the community.
Until the chart says otherwise…. pic.twitter.com/rN9nMkkckC
— Gareth Soloway (@GarethSoloway) May 21, 2023
A user on Twitter has stated that individuals expecting BTC to reach the $10,000 mark will be greatly disappointed.
Despite the negative news about Bitcoin, some members of the community still celebrated the 13th Bitcoin Pizza Day.
Happy Bitcoin Pizza Day everybody! Hope y’all are gonna join in the #GlobalPizzaParty by eating pizza today and sharing some pics, even if you’re not able to join a @Pizza_DAO event in your city! pic.twitter.com/BkClDVSx3u
— don-luv.eth (@Don_Luvat) May 22, 2023
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.