2023-08-22 09:20:00
© Archyde.com
Investing.com – Bitcoin has deepened its accumulated losses during the worst week for the cryptocurrency since November last year, as the prospect of higher interest rates for a longer period dampens demand for riskier investments in global markets.
This comes in conjunction with widespread criticism of Binance’s move regarding the suspension of withdrawal services in euros due to the complexities existing in the Single European Payments Area (SEPA).
This is not the first time that Binance has faced obstacles in Europe, as its aspirations to expand in the European market were met with many regulatory obstacles, especially in the wake of lawsuits filed once morest it in the United States.
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lowest level in two months
Bitcoin fell by 11.4% in the last 7 days to trade near the $26,000 level, its lowest level in two months. Smaller cryptocurrencies like Ether and XRP also fell.
This comes as long-term US yields are approaching their highest levels in several years, and is part of a global bond sell-off that reflects the risk of a prolonged period of restrictive monetary settings to stifle inflation. Such a backdrop portends the restricted liquidity that would challenge riskier assets such as stocks and cryptocurrencies.
For his part, said market analyst at “IG Australia Pty”, Tony Sycamore: “The market is likely to hope that there will be a pacifist speech from Jackson Hole. I don’t think they will be pessimistic,” according to “Bloomberg” agency.
Sycamore expects the S&P 500 stock index to drop 2% to 3% amid a rise in the 10-year US Treasury yield to exceed 4.33%, with Bitcoin extending its decline to around $25,000.
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selling pressure
The technical analysis indicator shows severe selling pressure on Bitcoin, as rising bond yields affect risky assets, including cryptocurrencies.
Bitcoin’s 14-day relative strength index (RSI) dropped below 30, indicating oversold conditions. The index fell to its lowest levels since the coronavirus-induced crash in March 2020.
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The digital currency market today
The combined market value of the crypto market during these moments of today’s trading is regarding $1.05 trillion. The trading volume amounted to regarding $68.14 billion.
It stabilized during the last 24 hours at $26,050, while recording weekly losses of 11.4%. Its market value is now $506 billion.
While “”, which is the largest digital currency in terms of market value following Bitcoin, decreased by 0.5% during the last 24 hours, to reach $ 1664, with weekly losses of 9.7%, and a market value of regarding 199 billion.
The price of Binance Coin fell by 2.2%, to $210.
The price of a currency decreased by 1%, to record $0.51763, with a weekly loss of 17%.
And it witnessed a decline to $0.2618, and it fell during the last 7 days by 10%.
On the other hand, it declines to levels of $0.063021, or 0.4%, with a weekly decrease of 15.6%.
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