Cryptocurrency prices fell today, Sunday, July 10, 2022, as Bitcoin tries to consolidate to maintain its recent gains.
The market value of “crypto”, the largest cryptocurrency exchange in the world, decreased by 0.86%, to $944.95 billion, with a volume of traded during the last 24 hours, which recorded regarding 56.01 billion dollars.
Factors affecting cryptocurrencies
The steady increase in US interest rates has caused investor appetite for long-term bonds to rise, and a reluctance to invest in cryptocurrencies that lost their appeal following the collapse of the Terra coin.
But the European cryptocurrency trading regulation strongly contributed to the return of hope to the crypto market, following it was struggling in light of the record rise in inflation rates, and the failure of Bitcoin and its companions to hedge once morest the risks of stagflation, from which no sector was spared, even the gold market, which is a safe haven to save The value has fallen below the $1800 level an ounce.
A report by PricewaterhouseCoopers, issued on June 10, revealed that hedge funds are adopting a slow approach to investing in digital currencies, as these funds maintain their limited investments in cryptocurrencies despite their strong decline during the last period.
The report noted that regarding a third of traditional hedge funds are already investing in cryptocurrencies such as Bitcoin, and that of the hedge funds currently investing in cryptocurrency, regarding 57 percent have allocated less than 1% of total assets under management. Two-thirds of the currently investing companies plan to increase their investments by the end of this year.
Investors pointed out that regulatory and tax uncertainty is one of the biggest barriers to investing in cryptocurrencies, especially as hedge funds are concerned regarding the fragmented regulatory environment globally as well as unclear guidance on how to manage the digital asset class.
Bitcoin price today
Today, Sunday, July 10, 2022, the price of Bitcoin (BTC), the largest and most famous digital currency in the world, fell by 0.81% to reach $21348.1, with a total market value of $407.39 billion.
Despite this decline, Bitcoin still maintains its level above the 21 thousand dollars, following recording low levels regarding two weeks ago.
The price of Bitcoin (the world’s most popular cryptocurrency) hit a high of $69,000 last November.
Bloomberg News reported that the world’s largest digital currency has fallen by regarding 58% since the beginning of the year, its largest quarterly decline since the third quarter of 2011, when Bitcoin was just a newborn.
Cryptocurrency rates today
The price of Ethereum (ETH) fell by 1.8% to $1,191.89.
The price of Binance coin BNB decreased by regarding 2.35% to reach $ 236.7.
The price of XRP fell by 1.08% to record $0.33891.
The Cardano coin fell 0.12% to $0.48.
Polkadot price lost regarding 0.84% of its value to reach $7.08.
Dogecoin price DOGE/USD lost 1.61% to reach $0.06834 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.
