Bitcoin Falls Under $5,700 as Stock Market Sees Downturn

Monday, May 5 — most of the top 20 cryptocurrencies are reporting moderate losses on the day by press time, as bitcoin (BTC) has fallen under the $5,700 mark.

Market visualization courtesy of Coin360

Bitcoin is down over 1.5% on the day, trading at $5,692 at press time, according to CoinMarketCap. Looking at its weekly chart, the coin is up over 8.2%.

Bitcoin 7-day price chart. Source: CoinMarketCap

As Cointelegraph reported earlier today, United States $7 trillion investment firm Fidelity will reportedly roll out bitcoin trading for institutional clients in the coming weeks.

Ether (ETH) is holding onto its position as the largest altcoin by market cap, which currently stands at $17.4 billion. The second-largest altcoin, XRP, has a market cap of $12.6 billion at press time.

CoinMarketCap data shows that ETH is up over .5% over the last 24 hours. At press time, ETH is trading around $164. On the week, the coin has also seen its value increase by nearly 6.7%.

Ether 7-day price chart. Source: CoinMarketCap

It has been reported today that United States regulator, the Commodity Futures Trading Commission (CFTC), is open to the idea of ether futures trading.

XRP is down over 1% over the last 24 hours and is currently trading at around $0.299. On the week, the coin is up 2.3%.

XRP 7-day price chart. Source: CoinMarketCap

Among the top 20 cryptocurrencies, the only coin reporting gains other than ether is tron (TRX), which is up over 1.8%.

At press time, the total market capitalization of all cryptocurrencies is $180.6 billion, over 7.2% higher than the value it reported a week ago.

Total market capitalization 24-hour chart. Source: CoinMarketCap

In traditional markets, the United States stock market is seeing a moderate downturn so far today, with the S&P 500 down 1.56% and the Nasdaq down 2.15% at press time. The CBOE Volatility Index (VIX), on the other hand, has gained a solid 4.98% on the day at press time.

Major oil futures and indexes are seeing mixed movements today, with WTI Crude down 0.69%, Brent Crude down 0.24% and Mars US up 0.34% at press time. The OPEC Basket is also down 1.42% and the Canadian Crude Index has lost 2.17% by press time, according to OilPrices.