$BTC $ETH $XRP

Here's your cryptocurrency market update for Tuesday, May 6, 2025:

📊 Market Snapshot

The global crypto market cap stands at approximately $2.93 trillion, reflecting a 0.94% decline over the past 24 hours .

🔍 Key Market Developments

Bitcoin (BTC): Currently trading around $94,143, BTC has seen a slight dip of 0.32% today. Analysts suggest that a correction low around $61,800 could be expected before the upcoming Federal Open Market Committee (FOMC) meeting .

Ethereum (ETH): ETH is holding steady near $1,794.56, with a minor decrease of 1.41%. Notably, Ethereum gas fees have dropped significantly, averaging around 0.563 gwei, making transactions more affordable and potentially attracting increased network activity .

Altcoins: XRP and Cardano (ADA) have experienced declines of 3.67% and 3.33%, respectively. However, long-term holders remain optimistic, with ADA's ecosystem expanding through new DeFi and NFT integrations .

🏦 Institutional Movements

BlackRock: The asset management giant has reportedly acquired $2.5 billion worth of Bitcoin, signaling increased institutional confidence in the cryptocurrency market .

Strategy™ (formerly MicroStrategy): The company has increased its Bitcoin holdings to over 555,000 coins, reinforcing long-term confidence in Bitcoin’s value proposition .

📅 Upcoming Events

FOMC Meeting: The Federal Reserve's FOMC meeting is scheduled for May 7. Market participants are closely watching for any indications of interest rate changes, which could significantly impact crypto market dynamics .

Bank of Japan (BoJ) Minutes: On May 8, the BoJ will release minutes from its March policy meeting. While the yen's direct correlation with BTC is limited, global liquidity and investor sentiment are influenced by the monetary stance of major central banks like the BoJ .

📈 Market Sentiment

The Crypto Fear & Greed Index has shifted from "Fear" to "Greed," indicating a more bullish market mood.