The cryptocurrency market recorded a total weekly loss of nearly $200 billion.
According to Arab Net, cryptocurrencies have been suffering since the Federal Reserve announced an increase in the interest rate on the dollar by about 50 basis points, which prompted many investors to withdraw their money from Bitcoin and pump it into the dollar to take advantage of the high interest rate, especially amid expectations that Bitcoin would drop to about 28 thousand dollars. .
Owners of long-term investments are clinging to their portfolios of cryptocurrencies, specifically Bitcoin, amid expectations of a huge jump in the price of the most valuable cryptocurrency in the markets, in light of the continued brutality of US inflation rates, which reached 8.5% last March, the highest level Since 1981.
In terms of trading, during the last week, the combined market value of cryptocurrencies decreased by 11.2%, losing about $199.6 billion, after their total market value declined from $1787.4 billion in trading last Sunday, to about 1587.8 billion. dollars in today's trading.
Bitcoin was at the forefront of the losing digital currencies, and during the past hours, the currency recorded a decline of 3.8%, compared to weekly losses of 9%, to be traded in today's trading at the level of $34645. While its combined market value fell to the level of 660.4 billion dollars.
The Ethereum currency, which ranked second in the list of the largest cryptocurrencies by market value, recorded losses during the past hours by 4.5%, compared to a weekly decline of 7.8%, to be traded in today's trading at the level of 2560 dollars. . Meanwhile, its combined market value declined to $308.9 billion.
While the currency of Teezer and USD, which came in third and fifth place, stabilized at the level of $1, the combined market value stabilized at the level of $83.2 billion, and $48.66 billion.
