© Reuters
Investing.com – It fell strongly after the end of the speech of the US Federal Reserve Chairman, Jerome Powell, and fell below the 27 thousand level, with a loss of 4.88% now.
And the US Federal Reserve raised the interest rate by 25 basis points, to rise to the range of 4.75% – 5.00%, with an expectation to raise interest by another 25 basis points in 2023, to be reduced by 75 points in 2024.
Digital currencies are experiencing a violent decline, as Bitcoin fell by 4.88%, Ethereum fell by 4.26% to $ 1720.43, and Binance Coin fell by 6.21% to $ 317.13.
While it fell by 13.41%, after rising by more than 10% during the day, the ruble now records $0.41093 for the symbol.
Wasolana and Shiba Inu fell by 6.10%, 6.16%, and 5.43%, respectively.
The digital currency capital fell to $1.14 trillion, after a trading volume of $65.41 billion in today’s session.
The reasons for the decline…a violent institutional attack
US stocks fell violently at these moments, as it is experiencing a decline of 1.29%, coinciding with Jerome Powell’s speech in which he denied cutting interest in 2023, as well as coinciding with Janet Yellen’s testimony before the US Congress, where she stated that there is no final decision regarding the protection of all uninsured deposits.
The losses came as the US Securities and Exchange Commission declared TRX and Bitfinex BTT as unregistered securities, which resulted in the prosecution of Tron founder Justin Sun on charges of fraud and market manipulation.
Also, a report from the White House this morning stated a fierce attack on digital currencies, describing them as worthless and announcing the need to review and consider them.
To read everything related to the Federal Reserve’s decision and the Jerome Powell conference..read also
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Bitcoin shot towards $30,000 with the escalation of the bankruptcy crisis, so was it the main reason for it, or is it the best asset to take advantage of the crisis?
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