Cryptocurrencies saw a large-scale sell-off, among the risky investments, due to fears of high inflation and higher interest rates, but the broader financial markets have not yet seen a clear impact of the sharp decline of cryptocurrencies.
Bitcoin, the largest cryptocurrency by market value, rose 3.87 percent to $2,9986.45, recovering from its lowest level since December 2020, which it reached on Thursday, which amounted to $25,400.
Despite reaching the $31,000 level today, Friday, during trading, Bitcoin is still much lower than its level a week ago, which was hovering around $40,000, and if it does not achieve a significant rise at the beginning of the week, it is on its way to recording a record weekly loss for the seventh week in a row. .
Ether, the second largest cryptocurrency by market capitalization, rose 6.49 percent to $2,077.03.
Tether, the largest asset-linked coin whose developers say it is backed by dollar-denominated assets, is back at $1 following falling to 95 cents on Thursday, but Terra UED, another supposedly dollar-pegged cryptocurrency, continued its decline to 11 cents. According to CoinGeco, who tracks cryptocurrency data.
