Red is still dominating the cryptocurrency trading floors, with the biggest currencies showing sharp losses and “Bitcoin” back to the $27,000 level.
The crypto market is still suffering from the shock of interest rate hikes in the US and Europe as a few days ago the Federal Reserve decided to raise interest rates by another 25 basis points to fight inflation, the tenth consecutive increase since March last year. .
Higher interest rates tend to keep investors away from riskier assets such as stocks and cryptocurrencies as borrowing becomes more expensive, making money more expensive and thus discouraging more speculative investment.
In terms of trading and during recent trading, the total market value of the cryptocurrency is down 5%, losing about $61 billion after its total market value fell from $1,200 billion last Sunday trading to about $1,139 billion today. bidding.
Bitcoin topped the loss-making digital currencies, with the currency posting a 0.2% loss in the last hours compared to a 3.86% weekly decline, trading at $27,561 today.
Its combined market value also fell to $533.65 billion, about 46.85% of the total market value of currencies currently traded.
The second largest cryptocurrency by market value, Ethereum, posted a 0.2% loss in the past hours, compared to a weekly loss of 1.5%, trading today at 1839.72. dollars.
Its total market value also declined to $221.35 billion, which currently represents 19.43% of the total market.
Teser currency and US dollar, ranked third and fifth, settled at US$1, and the combined market value settled at US$82.5 billion and US$30.14 billion, with market shares of 7.24% and 2.64. %. respectively.
The BNB currency ranked fourth among the largest cryptocurrencies by market value, the currency recorded a loss in the last hours of 0.8% with a weekly decrease of 3.5%, trading today at $311.98.
Its combined market value also fell to $48.62 billion, about 4.26% of the total market value of currencies currently traded.
This Article Cryptocurrency Market Suffers $61 Billion Losses Following Unforeseen Rate Hike was first Published on World Weekly News
Source: Cryptocurrency Market Suffers $61 Billion Losses Following Unforeseen Rate Hike
Category: World, billion, Cryptocurrency, hike, losses, Market, rate, suffers, Unforeseen
