How did the price of Bitcoin move over the last twelve months (Al-Araby Al-Jadeed)
At the start of a busy week in which data is announced inflation The American cryptocurrency continued for the month of August, and most likely, the Ethereum network begins to work with the latest developments. Bitcoin Its rise is stable above the price of $ 22 thousand per unit, for the first time in more than a month.
After terrifying the hearts of its investors by dropping below the level of 19 thousand dollars last Wednesday morning, New York time, for the first time since the first half of this year, the major cryptocurrencies rose by 17%, surpassing the price of 22.3 thousand dollars, coinciding with the The weekly rise of US stock indices For the first time in four weeks.
The US Federal Reserve has raised interest rates by 2.25% since last March (the most stringent since the eighties of the last century, as were the statements paving the way for further raising and the bank officials’ desire to keep interest rate At restrictive levels for extended periods), the values of most high-risk assets, especially cryptocurrencies, will decline. Despite recent gains, the value of the popular cryptocurrency is still less than half what it was at the end of last year.
With its clear correlation with the Nasdaq index, which is dominated by technology stocks and the most affected by interest rate fluctuations, Bitcoin investors are awaiting the inflation data expected to be released on Tuesday, to try to anticipate the percentage by which the Federal Reserve will raise the interest rate during its meeting on the twenty-first of this month. So far, the futures and futures markets are reflecting a 0.75% rise, which investors hope will be the third and last on this scale, and that the lift after that, if any, will be slower and slower.
Anthony Trenchev, co-founder of Nexo, the popular cryptocurrency platform, predicted a difficult week for cryptocurrency investors, adding in an interview with CNBC news channel, which is interested in economic and market news, that “cryptocurrencies are facing a double exceptional circumstance this week, which includes inflation data.” And the development of the Ethereum network, which predicts great fluctuations, calls for breathtaking, as if it were a rollercoaster in an amusement park.
The collapse of some cryptocurrency trading platforms, during the first half of the year, added more pain to the market, which last year was its best year ever, causing, with the high interest rate and the search for safe havens, the total market value of cryptocurrencies to less than $1 trillion. , having crossed $3 trillion in November of last year.
Meanwhile, the Ethereum network this week completes long-awaited developments that will significantly reduce the amount of power required to operate the network, which many expect to give a strong boost to cryptocurrencies in the coming weeks.