How the price of Bitcoin has moved in the last twelve months (Al-Araby Al-Jadeed)
At the start of a busy week in which the data is announced inflation The American cryptocurrency has continued for the month of August and, most likely, the Ethereum network is starting to work with the latest developments. Bitcoin Its rise is stable above the $ 22,000 per unit price, for the first time in more than a month.
And after terrifying the hearts of its investors by dropping below the $ 19,000 level Wednesday morning, New York time, for the first time since the first half of this year, major cryptocurrencies rose 17%, topping the price of 22. , 3 thousand dollars, coinciding with the The weekly rise in US stock indices For the first time in four weeks.
The US Federal Reserve has raised interest rates by 2.25% since last March (the most stringent since the 1980s, as well as statements paving the way for further hikes and the willingness of bank officials to keep the interest rate At restrictive levels for prolonged periods), the values of most high-risk assets, especially cryptocurrencies, will decline. Despite recent gains, the popular cryptocurrency’s value is still less than half of what it was at the end of last year.
With its clear correlation with the Nasdaq index, which is dominated by tech stocks and the hardest hit by interest rate fluctuations, Bitcoin investors await inflation data due to be released on Tuesday to try to anticipate the percentage. The Federal Reserve referred to raise the interest rate at its meeting on the twenty-first of this month. So far, the futures and futures markets are reflecting a 0.75% increase, which investors hope is the third and last on this scale and that the next increase, if any, will be slower and slower.
Anthony Trenchev, co-founder of Nexo, the popular cryptocurrency platform, predicted a tough week for cryptocurrency investors, adding in an interview with news channel CNBC, interested in economic and market news, that “cryptocurrencies are facing an exceptional double circumstance this week, which includes inflation data. ”And the development of the Ethereum network, which involves large fluctuations, requires a breathtaking spectacle, as if it were an amusement park roller coaster.
The collapse of some cryptocurrency trading platforms during the first half of the year added further suffering to the market, which last year was its best year ever, causing, with the high interest rate and research of safe havens, the total value of the cryptocurrency market at less than $ 1 trillion. , having surpassed $ 3 trillion in November last year.
Meanwhile, the Ethereum network this week completes long-awaited developments that will significantly reduce the amount of energy needed to run the network, which many expect to give cryptocurrencies a strong boost in the coming weeks.
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