Though just a couple of days ago Bitcoin price was very close to reach the mark of $10,000, by now the token has dropped to $9,317 as informed by CoinMarketCap, which means a 2.72 percent value decline over the recent 24-hour time period. The crypto market reacted to these changes in Bitcoin price with more than $20 billion drop overnight.
The day before yesterday, on May 5, the average Bitcoin price was very close to reaching $10,000, lacking only $100 to achieve this mark. In some regions like Hong Kong, Japan, and South Korea, where the cryptocurrencies are traditionally traded at premium rates, the price of Bitcoin even exceeded $10,000. Nevertheless, the price didn’t manage to be fixed at the $10,000 level, as it almost immediately fell down losing nearly 3 percent becoming $9,600. Since that time, Bitcoin has lost another 3 percent.
However, such indicators as the Relative Strength Index (RSI) and Williams’ Percent Range (WPR), that reflect the technical aspect of Bitcoin life cycle, show a neutral zone, which means that within the last 48 hours it has not been overbought or oversold.
But if this negative short-term price trend for the dominant cryptocurrency continues and if Bitcoin proves to be not able to strengthen its position while its price is close to the mark of $9,300, there is a huge possibility that we will observe another 2 to 4 percent decline just in the nearest days.
The second largest cryptocurrency by market capitalization – Ethereum – is also losing its value. At the press time, according to CoinMarketCap, it is traded at $722, which means that it has lost over 7 percent of its value within 24 hours.
Nevertheless, crypto traders and investors are looking forward to finding out the results of the May 7th Securities and Exchange Commission hearing in the USA. If the Commission takes a decision that Ethereum is not a security as it is stated by its founders, the entire market will have a chance to recover.
The Securities and Exchange Commission have already stated that Bitcoin is not a security, and now Ethereum founders are trying to prove that, as, according to their preliminary work and analysis before Ether’s launch, this crypto should be not categorized as a security staying compliant with existing regulations.
If done so and all the positive expectations are met, we will observe an increasing demand from investors for such cryptocurrencies as Bitcoin and Ethereum. Speaking about Ethereum, we should mention that some experts are extremely positive about its future. For example, Alexis Ohanian, the co-founder of Reddit believes that Ethereum will be traded at as much as $15,000 at the end of 2018.
This year there are a lot of talks about the status of another cryptocurrency – Ripple – that is now traded at $0.82. While the company insists that this token can’t be classified as a security, some experts believe that Ripple as well as Ethereum should be viewed as unregistered securities.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
I’m a content writer and editor with extensive experience creating high-quality content across a range of industries. Currently, I serve as the Editor-in-Chief at Coinspeaker, where I lead content strategy, oversee editorial workflows, and ensure that every piece meets the highest standards. In this role, I collaborate closely with writers, researchers, and industry experts to deliver content that not only informs and educates but also sparks meaningful discussion around innovation.
Much of my work focuses on blockchain, cryptocurrencies, artificial intelligence, and software development, where I bring together editorial expertise, subject knowledge, and leadership experience to shape meaningful conversations about technology and its real-world impact. I’m particularly passionate about exploring how emerging technologies intersect with business, society, and everyday life. Whether I’m writing about decentralized finance, AI applications, or the latest in software development, my goal is always to make complex subjects accessible, relevant, and valuable to readers.
My academic background has played an important role in shaping my approach to content. I studied Intercultural Communications, PR, and Translation at Minsk State Linguistic University, and later pursued a Master’s degree in Economics and Management at the Belarusian State Economic University. The combination of linguistic, communication, and business training has given me the ability to translate complex technical and economic concepts into clear, engaging narratives for diverse audiences.
Over the years, my articles have been featured on a variety of platforms. In addition to contributing to company blogs—primarily for software development agencies—my work has appeared in well-regarded outlets such as SwissCognitive, HackerNoon, Tech Company News, and SmallBizClub, among others.
