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“Massacre” in the digital currency market led by “Bitcoin”
(The Independent Arabia and agencies)
Tuesday 10 May 2022 4:52
It is expected that "Bitcoin" will exceed the level of 500 thousand dollars during the current year (Reuters)[/size]
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Losses amount to more than 182 billion dollars in 24 hours
[size](The Independent Arabia and agencies)
Tuesday 10 May 2022 4:52
It is expected that "Bitcoin" will exceed the level of 500 thousand dollars during the current year (Reuters)[/size]
In what looks like a mass massacre, bitcoin led the cryptocurrency market to shocking losses in the last 24 hours of trading. And the recent moves of the US Central Bank to raise interest rates to contain high inflation, in addition to the start of the repercussions of Western sanctions imposed on Russia, on most markets, caused the digital currency market to record the worst daily performance during the current year.
A few days ago, the US Central Bank decided to raise the interest rate by about 50 basis points, in the event of panic that struck investors at the short-term level, which reinforced the dominance of the red color on cryptocurrency trading platforms during the recent sessions.
Despite the bleeding losses suffered by the “Bitcoin” currency, some investors who support long-term investment are clinging to this famous currency, amid hopes for an expected record rise during the coming period, but the wave of severe losses that the market is facing at the present time will push investors to hedge and be cautious. from entering the cryptocurrency market.
Bitcoin continues to bleed
In terms of trading, and since the beginning of this month’s trading, the combined market value of cryptocurrencies decreased by 21.5 percent, losing about $383.8 billion, after their total market value declined from the level of $1787.4 billion in trading at the beginning of May, to about 1403.6 billion dollars in trading on Tuesday morning, but during the last 24 hours, the market recorded losses of 11.5 percent, incurring about 182.8 billion dollars.
At the forefront of the losing cryptocurrencies came the "Bitcoin" currency, and during the past hours, the most powerful and widespread currency in the cryptocurrency market fell by 10.2%, compared to weekly losses of 20.7%, to be traded at the level of $30,623. Its total market value also fell to the level of $585.3 billion, acquiring about 41.69 percent of the total market share of the cryptocurrencies currently being traded.
The “Ethereum” currency, which ranked second in the list of the largest cryptocurrencies by market value, recorded losses during the past hours by 10.1 percent, compared to a weekly decline of 21 percent, to settle in its price in trading on Tuesday, at the level of $ 2266, and its value also declined. The total market reached the level of $274.5 billion, accounting for about 19.55 percent of the total market.
The "Tezer" currency came in third place, after its price stabilized at the level of one dollar, and its total market value recorded a level of 83.2 billion dollars, acquiring a total market share of 5.92 percent.
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At a time when the “BNP” currency ranked fourth among the largest cryptocurrencies by market value, the currency recorded losses during the past hours by 14.7 percent, compared to weekly losses of 22.3 percent, to settle its price in trading at the level of $ 303.26. . Its combined market value also fell to the level of $49.89 billion, taking with this figure a market share of 3.55% of the total combined value of the currencies that are currently being traded.
The "USD" currency came in fifth place, after its price stabilized at the level of one dollar, and its total market value stabilized at the level of 48.73 billion dollars, acquiring a market share of 3.47 percent.
Solana loses more than 26 percent of its value
The "X-Ripple" currency, which ranked sixth among the top 10 digital currencies in terms of market capitalization, recorded losses during the last week's trading of 20%, compared to a decline of 13% during the past hours, to settle its price in trading, today, at the level of 0.494 And its combined market value fell to the level of $24 billion, taking a market share of 1.7 percent.
As for the “Solana” currency, which ranked seventh among the top 10 digital currencies in terms of market capitalization, it recorded losses during the last week’s trading of 26.8 percent, compared to a decline in the past hours by 14.6 percent, to settle its price in trading at the level of 64.22 dollars, Its combined market value also fell to the level of $21.86 billion, taking a market share of 1.55%.
The “Cardano” currency came in the eighth place, and recorded losses during the last week’s trading by 20.2%, with a decline of 15.4% during the past hours, to settle its price in today’s trading, at the level of $0.626, and its combined market value fell to the level of $21.12 billion. To acquire a market share of 1.50 percent.
The BUSD currency came in ninth place, and while the price of the currency stabilized at the level of one dollar, its total market value fell to the level of 17.34 billion dollars, acquiring a market share of 1.23 percent of the total value of the currencies being traded. at present.
The "Terra UST" currency ranked tenth among the top 10 digital currencies by market value, and the currency recorded losses during the past hours by 14.4 percent, compared to a weekly decline of 14.8 percent, to be traded today at the level of $0.853. Its combined market value fell to the level of 16.27 billion dollars, acquiring a market share of 1.15 percent.
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