Cryptocurrencies are recording some collective declines in mid-day trading on Tuesday, May 5, with some stability. Bitcoin, the world’s most expensive digital currency, fell for the second consecutive session, trading at $93,771, a 0.30% decline, with a slight decline in market capitalization to $1.862 trillion.
Senate Republicans faced a major obstacle early Monday in passing a new cryptocurrency law, a key part of President Trump’s agenda. This law would establish new rules for the digital currency market after nine Democrats withdrew their support, arguing that the new version would threaten the financial system. Expectations have risen that this sudden shift will delay the bill’s presentation to a vote by the end of May. Meanwhile, inflows into cryptocurrency exchange-traded funds (ETFs) continue, with Bitcoin inflows reaching $1.81 billion so far in May, and Ethereum inflows reaching $106 million during the same period. BlackRock, the world’s largest asset manager, revealed that its cryptocurrency-related investments rose to $5.43 billion in the first quarter of this year. Shares of the most liquid exchange-traded fund, the iShares Bitcoin Trust ETF, managed by BlackRock, rose 14% in April alone. The combined market capitalization of the cryptocurrency market, which includes more than 17,000 cryptocurrencies, fell by about 2.3% on Tuesday, with the market capitalization trading at $3.02 trillion, according to Coingecko. Bitcoin is trading at $93,829,000, down about 0.19% midday, with a market cap of $1.863 trillion. Ethereum, the second-largest cryptocurrency, is down about 1.73%, trading at $1.771,000, with a market cap of $213 billion.
XRP, or Ripple, continues to maintain its position as the world’s fourth-largest cryptocurrency by market cap, the largest decline among the top five, falling about 2.48% on Tuesday to $2.09, with a market cap of $120 billion.
Dogecoin is down about 3.34%, trading at $0.1651, with a market cap of $24 billion. Cardano is down about 2.69%, trading at $0.6472, with a market cap of $22 billion. Solana is losing around 1.18%, trading at $142 with a market cap of $73 billion, while Sui, which moved up to 11th place, is down around 7%, trading at $3.19 with a market cap of $10 billion.