continued Cryptocurrency wave of losses Which started since December of last year, bringing market losses to more than 271 billion dollars in the first week of the new year.
These losses come following the minutes of the latest meeting of the US Federal Reserve showed its inclination towards a more hawkish policy and expectations of raising interest rates sooner, which limited investors’ appetite for more risky assets.
Cryptocurrencies plummeted as the cost of borrowing rose and central banks raised interest rates. Bitcoin hit a record high of $69,000 in November trading.
In terms of trading, and during the trading of the first week of 2022, the market capital of cryptocurrency decreased by 12%, to lose regarding $271.8 billion of its value, following it fell from the level of $2236.6 in transactions at the beginning of the year to the level of 1964.8 billion dollars in today’s trading.
As for “Bitcoin”, it witnessed a 10.3% decline, losing regarding 4753 dollars, following its price fell from 46,147 dollars at the beginning of trading last week to regarding 41,394 dollars in today’s trading. And its combined market value fell by 10%, recording losses of $87.5 billion, following its combined market value dropped from $874.4 billion to regarding $786.9 billion in today’s trading.
The “Ethereum” currency recorded losses during the last week’s trading by 15.2%, losing regarding 567 dollars, following its price fell from the level of 3730 dollars to regarding 3163 dollars. Its combined market value also declined by 14.7 percent, losing regarding $65.2 billion, following its market value fell from the level of $444.3 billion to regarding $379.1 billion.
While the “Tezer” currency, which ranked third among the largest currencies by market value, stabilized at the level of $1. It recorded a total market value of regarding 78.43 billion dollars.
The “Binance Coin” currency, which is the fourth largest digital currency by market value, incurred losses during the last week’s trading by 14.7%, compared to losses of 6.4% during the past hours, to be trading today at the level of $440.25. The total market value also fell to the level of 73.86 billion dollars.
As for the “teezer” currency, which ranked fifth among the largest currencies in terms of market capitalization, it settled at the level of $1. It recorded a total market value of regarding 43.208 billion dollars.
