The red color continued to dominate cryptocurrency trading platforms, with the largest currencies witnessing sharp losses, with “Bitcoin” returning to the $27,000 level.
The cryptocurrency market is still suffering from the shock of raising US and European interest rates, as the Federal Reserve decided a few days ago to raise interest rates by another 25 basis points to fight inflation, which is the tenth consecutive increase since March of last year.
Increased 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 investments.
In terms of trading and during recent trading, the combined market value of cryptocurrency declined by 5%, losing about $61 billion, after its total market value fell from $1,200 billion in last Sunday’s trading, to about $1,139 billion in today’s trading.
At the top of the losing digital currencies came the currency “Bitcoin”, and the currency recorded losses during the past hours by 0.2%, compared to a weekly decline of 3.86%, to be traded today at the level of 27561 dollars.
Its combined market value also fell to the level of $533.65 billion, with this number accounting for about 46.85% of the combined market value of the currencies being traded at the present time.
The currency “Ethereum”, which ranked second in the list of the largest cryptocurrencies in terms of market value, recorded losses during the past hours by 0.2%, compared to a weekly loss of 1.5%, to be traded today at the level of 1839.72 dollars.
Its combined market value also declined to the level of $221.35 billion, accounting for 19.43% of the total market at the present time.
The “Teser” and “USD” currency, which came in the third and fifth places, settled at the level of $1, and the combined market value settled at the level of $82.5 billion and $30.14 billion, with market shares of 7.24% and 2.64%. respectively.
The “BNB” currency ranked fourth among the largest cryptocurrencies in terms of market value, the currency recorded losses during the past hours by 0.8%, with weekly declines of 3.5%, to be traded today at the level of $ 311.98.
Its combined market value also fell to the level of $48.62 billion, accounting for about 4.26% of the total market value of currencies being traded at the present time.