In the ‘deep red’ cryptocurrencies – ‘Dive’ 10% Ether, losses over 7% for Bitcoin

Get real time updates directly on you device, subscribe now.

LAST UPDATE: 17.15

“Cryptocurrency prices are falling ‘abnormally’ as the recent rally in US government bond yields has dampened investors’ appetite for more risky assets, at a time when the market climate is strained by the rising tide.” war ”of regulators around the world against digital currencies.

In particular, bitcoin prices fell sharply on Thursday night, as did ether prices, eliminating nearly $ 150 billion from the cryptocurrency market in one day.

Bitcoin has lost more than 7% in the last 24 hours, losing support of $ 40,000, according to CoinDesk, with the price of the most valuable cryptocurrency on the planet trading at 17:00 Greek time at $ 38,419.

Ether, the second largest cryptocurrency in terms of capitalization, recorded the biggest losses, with losses of about 10% in the last 24 hours, with its price reaching $ 2,772 on Friday afternoon, according to CoinDesk.

The sell-off extends across the cryptocurrency market, with XRP losing more than 8%, Terra falling more than 5%, Solana losing almost 17%, Cardano moving -8% and Dogecoin to fall more than 4%.

The “dip” in cryptocurrencies is largely due to the recent rally in US bond yields, which launched earlier in the week, prompting investors to “abandon” their positions in higher-risk assets.

In fact, bitcoin is in danger of losing one of its “trump cards” and the declared decision of the Federal Reserve to tighten its policy, which has already begun to reduce the purchase of bonds and other assets, while it also plans to reduce its balance sheet. .

This is because bitcoin, according to many, serves as a hedge against galloping inflation – as a result of excessive fiscal support in the midst of a pandemic – and the Fed’s more aggressive action to tackle it could reduce the “sailing air” of digital currency.

The fall of bitcoin, in fact, has widened the losses recorded by the largest cryptocurrency on the planet from November onwards, when it has lost more than 40% of its value, from a record high of $ 69,000.

Some experts warn that the cryptocurrency market could enter a recession soon, as on the one hand, regulatory control is intensified and on the other hand, increased market volatility limits the prospects of regulatory currencies.

Regulators in many countries are calling for a stricter regulatory framework for cryptocurrencies, and several governments have gone so far as to ban cryptocurrency trading and mining altogether.

China was the first to ban all cryptocurrency activity, and pressure continues to hit the Russian central bank, which has proposed a ban on the use and mining of cryptocurrencies, saying it poses risks to “financial stability and sovereignty of its monetary policy ”.

Russia is among the top three countries in the world in terms of bitcoin mining.

Get real time updates directly on you device, subscribe now.

Leave A Reply

Your email address will not be published.

buy kamagra buy kamagra online $255 payday loans online same day no denial payday loans direct lenders only