The decline overshadowed the prices of most cryptocurrencies, during today’s trading, Saturday, July 30, 2022, to blow the gains made by the crypto market over two days.
The economic slowdown in the US is leading investors to the view that the Federal Reserve will finish raising interest rates by the end of the year and focus on lowering borrowing costs in 2023, providing more speculative liquidity.
Despite this decline, the world’s two largest currencies, “Bitcoin” and “Ether”, are heading towards achieving the best monthly performance since 2021 amid the recovery of risk appetite in global markets and optimism about the upgrade of the “Ethereum” network.
Bitcoin rose 27% in July when trading at $23,779, while the price of Ether jumped 70% to $1,704.
Last Wednesday, the Federal Reserve raised the key interest rate by 75 basis points (0.75%) to a range between 2.25% and 2.50%.
This is the fourth time that the US Federal Reserve has raised interest rates this year.
The Federal Reserve raised interest rates 3 times during its four meetings this year, and began to tighten policy last March, raising interest rates by 25 basis points, then 50 basis points in May, then 75 basis points in June, to reach interest levels to 1.75 %, compared to 0.25% at the end of last year.
Today, the market value of cryptocurrencies fell about 1.08% to reach $1.1 trillion.
It also recorded a trading volume during the last 24 hours, about 89.25 billion dollars.
Bitcoin price today
Today, Saturday, July 30, 2022, the price of Bitcoin (BTC), the largest and most famous digital currency in the world, decreased by 0.96% to reach $ 23,779.7, and the market value of the most popular cryptocurrency in the world fell to $ 454.64 billion.
The price of Bitcoin reached a high of $69,000 last November.
Cryptocurrency rates today
The price of Ethereum (ETH) fell 1.51% to $1704.70.
The price of Binance coin BNB increased by 3.5% to reach $290.3.
Ripple XRP fell 3.02% to $0.36711.
The Cardano coin lost 3.3% to $0.5176.
The price of Polkadot added about 1.1% to its value, to reach $ 8.29.
Dogecoin price DOGE/USD declined by 4.02% to reach $0.068915 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.