Written in CRYPTO he
A bad closing of the month had the Bitcoinwith a drop of 6.98% in its price price at the end of May, thus becoming the worst month of the year for this cryptocurrency and the worst since the bankruptcy of FTX.
yesterday the Bitcoin (BTC) ended up trading at around 27,000 dollars, this represents a monthly loss of 6.98%, since in May it started trading at 29,000 dollars. This is the first month of the year in which a fall in the value of the Bitcoinsince during the first four months of 2023 this cryptoactive had registered an appreciation of 39.63%, 0.03%, 22.96% and 2.81% respectively.
Why did the value of Bitcoin drop in May?
Among the factors that triggered this fall is the drop in demand from investors, and it is that, although at the beginning of the year there was a rise in purchases, as the months have passed this has changed, causing the worth of the BTC it will start to go down.
Likewise, the announcement of the President of the United States, Joe Bidenin which he announced that he reached an agreement with the Republicans regarding the debt ceiling in that country, also influenced the drop in the price of the main cryptocurrency.
What happened to the value of other cryptocurrencies?
As we mentioned, during the 31 days of May he worth of the Bitcoin went from 29,000 to 27,000 dollars, this caused other altcoins (the cryptocurrencies alternatives to the traditional or more popular ones) have an increase in their price during those days. Some examples of these movements are:
- Kava (KAVA): It started trading in May at $0.75 and ended at $1.05, an increase of approximately 37%.
- PEPE: This memecoin was created recently, but it began to gain great popularity, so its value increased by 27%, so its price went from 0.00000107 to 0.00000120 dollars.
- BGB: This cryptocurrency belongs to the Bitget Exchange, who, by announcing that they would incorporate Latin American currencies, have attracted many investors, which caused an increase in its value of 15%, going from 0.39 to 0.45 dollars.
- TRX: This cryptoactive has been favored by the use of the stablecoin Tether (USDT), so its value went from $0.068 to $0.075 during the month of May, that is, an increase of 12%.
- XRP: This cryptocurrency issued by the Ripple company also had a good closing of the month, since now its value is at 0.50 dollars, an increase of 0.78%.