The prices of the largest cryptocurrencies in the world rose during trading today, Sunday, after strong declines recorded during the past week, especially during trading on Thursday and Friday, as crypto assets witnessed some pressures on other financial assets, led by the stock markets on Wall Street, with the decline in the spirit of risk. Investors have dumped risky assets as concerns about Federal Reserve policy mount. The minutes of the Fed’s July meeting were released last Wednesday, which contained hints about the need to stick to interest rate hikes and tighten monetary policy. Investors tend to the dollar to take advantage of the interest rates achieved by the US currency at the expense of some assets that are classified as risk assets.
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Meanwhile, pressure increased on bitcoin, especially after reports published by The Wall Street Journal included the financial results of SpaceX for the first quarter of fiscal year 2023. It is one of the leading space travel companies affiliated with the controversial American billionaire Elon Musk. The company recorded revenues of about $1.5 billion during the first quarter of this year, and the company recorded profits during the last quarter of about $55 million, after recording two years of net losses. The company’s revenues doubled over the past year to reach $4.6 billion, while the company succeeded in reducing its recorded losses in 2021 from $968 million to $559 million in 2022. The results also revealed that the company sold about $373 million of its bitcoin holdings during 2022. , which added pressure on the world’s number one cryptocurrency. It is noteworthy that SpaceX is a private company and its results are not published publicly.
In terms of trading, The negative performance of bitcoin continued throughout the week this month, after it declined over the past month by about 12 percent, while it recorded a decline over the past week by 11 percent. During Sunday’s trading, Bitcoin fell by 0.09% to trade at $26,075, and Ether fell by 0.28%, to $1,665.52.
2023-08-20 08:59:12
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