Sunday 24 April 2022
Books – Mustafa Eid:
The price of the cryptocurrency bitcoin has returned to decline during the last three days to below the level of 40 thousand dollars, after it approached earlier in the last week’s trading of the level of 43 thousand dollars.
According to the CoinMarketCap platform for digital currencies, the price of the digital currency reached the level of $ 39,765, almost stable, as it was 24 hours ago.
And the market value of Bitcoin reached about $756.4 billion, which with it, the market value of the cryptocurrency market as a whole was about $1 trillion and 845.8 billion.
According to Forbes, the cryptocurrency market has fallen over the past two days in light of Federal Reserve Chair Powell’s comments, at a panel discussion at the International Monetary Fund, Powell reaffirming the Fed’s mandate to rein in inflation at all costs, and warning of further sharp interest rate increases in As soon as next month.
“It is appropriate in my view to move a little faster … I would say 50 basis points will be on the table for the May meeting,” Powell said a few days ago.
According to Forbes, Goldman Sachs analysts believe the Fed’s actions will have a strong impact on cryptocurrencies, and Goldman Sachs wrote in a note: “These assets will not be immune to macroeconomic forces, including central bank monetary tightening.”
Digital currencies are virtual currencies that do not have a physical presence and are not covered by tangible assets, are traded over the Internet, are not issued by any central bank, are not under the supervision of any regulatory authority and are not controlled by any central authority.
Cryptocurrencies are mined by thousands of computers around the world that validate transactions and add more of these coins to the system.
Bitcoin is the most famous digital currency, but it is not the only one that has become famous in recent years, as the number of these currencies currently reaches thousands, especially after the first big rise of Bitcoin in 2017, which highlighted this area and trading in it, and thus the emergence of more of these currencies.
On the CoinMarketCap platform alone, about 10,019 encrypted digital currencies are traded, led by Bitcoin, in addition to some other digital currencies that became famous after the high prices of Bitcoin and the inability of some to trade it, such as Ethereum, Dogecoin, Litecoin, and others.