Bitcoin Trades at $83K While Fear Grips the Crypto Market

The cryptocurrency sector maintained stability as the U.S. equity markets registered their worst loss since March 2020. The current $BTC market value stands at $83,133 with a 0.35% price loss during the last 24 hours. Ethereum ($ETH) experienced a minor decline of 1.24% which resulted in its price sitting at $1,802. Market value stands at $2.81 trillion and Bitcoin controls 58.77% of the total market share.

The current Fear & Greed Index score of 28 indicates a fearful market sentiment. Further market volatility is expected after Federal Reserve Chair Jerome H. Powell makes his speech today.

Notable Developments in the Crypto Space

Important updates have recently appeared within the cryptocurrency field. The Pectra update of Ethereum will happen on May 7 as development team members have officially announced. Pectra will enhance Ethereum’s efficiency in handling transactions and strengthen its network security standards.

Binance completed an audit that confirmed First Digital USD (FDUSD) has one-to-one asset backing during its recent evaluation process. The audit confirmation establishes trust in the stablecoin while various regulatory organizations intensify their oversight of digital asset reserves.

The U.S. Securities and Exchange Commission ( SEC ) formally received Fidelity’s submission for a spot Solana ($SOL) exchange-traded fund (ETF). The approval of this development would offer regulated $SOL access to institutional investors.

Top Gainers in the Market

MIU stands out as the leader among small-cap cryptocurrencies after achieving a 291% market increase while becoming the first at $34.2 million market capitalization. GameBee ($GBB) has gained 38% while Titcoin (TIT) reached a 35.2 % increase and SuperRare ($RARE) climbed 32.2% in this market period.

$GRASS market capitalization rose 23% in the large-cap sector to $536 million. ATOM, PENDLE, Jupiter, and $NEXO experienced market performance gains totaling 3.03%, 3.14%, 5%, and 8.7%, respectively.