December 2, 2022

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Cryptocurrency prices.. A shock in the crypto market wipes out gains

During today’s trade, Saturday, July 30, 2022, the decline overshadowed the prices of most cryptocurrencies to inflate the crypto market’s gains in two days.

A slowdown in the U.S. economy could lead investors to expect the Federal Reserve to finish raising interest rates by the end of the year and focus on reducing borrowing costs in 2023, providing more speculative liquidity.

Despite this decline, the world’s two largest currencies “Bitcoin” and “Ether” are on track to achieve their best monthly performance since 2021, amid optimism about the recovery of risk appetite in global markets and the upgrade of the “Ethereum” network.

Bitcoin rose 27% to $23,779 in July, while Ether’s price rose 70% to $1,704.

Last Wednesday, the Federal Reserve raised the key interest rate by 75 basis points (0.75%) from 2.25% to 2.50%.

This is the fourth time this year that the US Federal Reserve has raised interest rates.

The Federal Reserve has raised interest rates three times during its four meetings this year, and began tightening policy last March, raising interest rates by 25 basis points, then 50 basis points in May, and then 75 basis points in June. 1.75 %, as against 0.25% at the end of last year.

Today, the market cap of cryptocurrencies is down about 1.08% to $1.1 trillion.

It recorded a trading volume of around $89.25 billion in the last 24 hours.

Bitcoin price today

Today, Saturday, July 30, 2022, the price of Bitcoin (BTC), the world’s largest and most popular digital currency, fell by 0.96% to $23,779.7, and the market value of the world’s most popular cryptocurrency fell. $454.64 billion.

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Last November, the price of Bitcoin reached $69,000.

Cryptocurrency rates today

The price of Ethereum (ETH) decreased by 1.51% to $1704.70.

The price of Binance coin BNB rose 3.5% to $290.3.

Ripple XRP fell 3.02% to $0.36711.

Cardano coin lost 3.3% to $0.5176.

Polkadot added about 1.1% of its value to reach $8.29.

Dogecoin price DOGE/USD decreased by 4.02% to reach the level of $0.068915.

Cryptocurrencies are a cashless digital payment system that is managed and traded in a decentralized online payment system that is highly protected from regulation and control by banks.

According to statistics from cryptocurrency exchange Crypto.com, around 300 million people held cryptocurrency by the end of 2021.