The prices of cryptocurrencies varied today, Saturday, August 6, 2022, while experts warned of the recent rise of Bitcoin and described it as “deceptive.”
Today, Saturday, the market value of cryptocurrencies increased by 1.06% to reach $1.10 trillion, with a cash flow in the last 24 hours of $65.56 billion.
The recovery in the cryptocurrency market began as of the second half of last July, especially in the prices of Bitcoin and Ethereum.
While this recent price movement was linked to further developments in the macro economy, it was also linked to the Fed’s interest rate decision.
Block-chain analytics firm Glasnode is wary of the crypto market’s recovery, arguing that there is data that the momentum is unsustainable and that a recovery may be out of reach and a “disingenuous” rally.
The rise in stock markets in general stimulates investors to seek higher-risk assets such as digital assets.
Bitcoin has moved positively with the US Nasdaq index since late November, unlike previous years, when it was moving in the opposite direction of the index automatically.
After entering a dangerous downtrend since the beginning of 2022, cryptocurrencies slowed their decline and showed signs of recovery in July.
During its recovery, the largest cryptocurrency surpassed $24,500, and this positive movement became evident following the Federal Reserve raised interest rates by 75 basis points, in line with expectations. On the other hand, the US authorities rejected the recession research forecasts and insisted that there is no sign of this.
Bitcoin started August with a correction following testing the $24,000 level in the last days of July. In its latest report on the crypto markets, Glassnode attributes the recent decline in Bitcoin to lower network activity, and confirms that Bitcoin and Ethereum network activity remains low.
Bitcoin price today
The price of Bitcoin (BTC), the largest and most famous digital currency in the world, fell today, Saturday, August 6, by 0.14% to $ 23,166.29, and the market value of the most popular cryptocurrency in the world fell to $ 442.8 billion.
The price of Bitcoin reached a high of $69,000 last November.
Cryptocurrency rates today
The price of Ethereum (ETH) fell 0.30% to $1,712.23.
The price of Binance coin BNB rose by 0.15% to reach $314.70.
Ripple XRP lost 0.09% to $0.3748.
The Cardano coin fell by 0.33% to $0.517.
The price of Polkadot fell by 0.44% to reach $8.74.
The price of DOGE/USD fell by 0.47% to reach $0.06957 levels.
Cryptocurrencies are a non-cash digital payment method, which is managed and traded in a decentralized online payment system that is highly protected away from the control and control of banks.
According to the statistics of the cryptocurrency exchange Crypto.com, there were approximately 300 million people who owned cryptocurrency by the end of 2021.