The decline dominated most of the cryptocurrency prices, during trading today, Monday, August 1, 2022, in light of fears of continuing to raise interest rates.
This decline comes in light of the uncertainty of vision for investors in cryptocurrencies, at a time when optimism prevails regarding the imminent end of the wave of the Federal Reserve raising interest rates with the continuing economic slowdown in the United States, which supports the view that the Federal Reserve will finish raising interest rates by the end of the year The Fed Chairman is hinting that there are more steps to raise interest rates during the next meeting in September.
A pause in the Fed’s rate hike should lower borrowing costs in 2023, providing more speculative liquidity in the cryptocurrency market.
Despite the continued turmoil in the crypto market, the world’s two largest digital currencies, “Bitcoin” and “Ether”, achieved what is considered the best monthly performance since 2021, amid a recovery in risk appetite in global markets and optimism regarding the upgrade of the “Ethereum” network.
Bitcoin rose more than 25% in July, while the price of Ether jumped 70%.
Last Wednesday, the Federal Reserve raised the main 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 last May, then 75 basis points last June, to reach levels The interest rate reached 1.75%, compared to 0.25% at the end of last year.
Today, the market value of cryptocurrencies decreased by 1.12% to reach $1.09 trillion.
It also recorded a trading volume during the last 24 hours regarding 70.82 billion dollars.
Bitcoin price today
The price of Bitcoin (BTC), the largest and most famous digital currency in the world, fell today, Monday, August 1, by 1.67% to reach $ 23,332.3, and the market value of the most popular cryptocurrency in the world fell to $ 446.23 billion.
The price of Bitcoin reached a high of $69,000 last November.
Cryptocurrency rates today
The price of the Ethereum coin (ETH) witnessed a slight change of 0.01% to record $1689.54.
The price of Binance coin BNB decreased by 2.22% to reach $286.00.
The price of XRP fell 1.45% to $0.3811.
The Cardano coin fell by 2% to $0.5177.
The price of Polkadot jumped by 6.32% to reach $8.72.
Dogecoin price DOGE/USD lost regarding 1.15% to reach $0.06949 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.