February 7, 2023

Dubai Week

Complete Dubai News World


The sharp decline in cryptocurrencies and losses in excess of one trillion dollars in 2022

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Bitcoin lost about 39% in 2022, while Ethereum, the second largest cryptocurrency, lost 48%, followed by a sharp decline that hit most without exception, with cryptocurrency losses exceeding one trillion dollars since the beginning of the year. Respect.

The head of the U.S. Securities and Exchange Commission described the harsh reality of the cryptocurrency market, saying “cryptocurrency sites are trading against their customers,” reflecting the risky market balance. Since the beginning of the year and since the beginning of last April the losses have spread so widely, the performance this week will be very poor. According to Sky News.

Losses increased by the fall of one of the currencies coming under the so-called fixed currency, i.e. must be combined with the fixed value against the dollar.

Terra Luna has plummeted to a low of 7 cents after touching $ 120 last month.

These declines represent a small part of the panic in global financial markets, with Wall Street losing about $ 12 trillion in its value and, in light of the sharp revision wave, its impact entering markets. As a bear market, it is still close to historic levels in most world economies, in light of growing fears of the consequences of raising interest rates in markets to control inflation.

Concerns about the aftermath of inflation and plans to raise interest rates, speculative activity and random sales have pushed most U.S. stocks in the Wall Street index and prices that have lost more than 65% of their value in the cryptocurrency market. Earlier this year, it was the worst scene in more than 14 years, especially after the days of the global financial crisis.

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