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Wolfa expected "Queen Market Cap" For data, the value decreased Cryptocurrency market to $926 billion, while Bitcoin fell about 10 percent to an 18-month low of $23,950.
Reflects decline Bitcoin Its price is down 65 percent from its all-time high of Bitcoin in November of last year.
In the opinion of observers and economic experts, the decline in Bitcoin price It is due to the desire of some investors to get rid of those currencies amid a massive sell-off in risky assets.
The market value of cryptocurrencies plunged below $1 trillion for the first time since early 2021.
In turn, the economic analyst and CEO of the Corum Center for Studies in London, Tariq Al-Rifai, believes that Cryptocurrencies Mainly and strongly correlated with index performance "Nasdaq" This means that in parallel with the sharp decline of this indicator over the past days, cryptocurrencies are also falling.
Al-Rifai attributed in exclusive statements to"Sky News Arabia"The reason for this is the delay of central banks in raising the interest rate, with the steady rise in inflation rates, which calls for creating a state of concern regarding the future prospects of the global economy.
explained that Cryptocurrency It will take time to correct itself after the big crash, which is similar to the decline of Bitcoin in 2017 by about 80%, and it did not rise to more than 19,000 dollars only after 3 years, adding: "We may see this period similar to that, and therefore digital currencies will not return to the rise as we experienced it last year until after several years".
For his part, the economic expert and head of the Egyptian Forum for Political and Strategic Studies, Rashad Abdo, said in statements to"Sky News Arabia" that "This is expected in view of the Russian-Ukrainian war, which is linked to the so-called stage of uncertainty, investor anxiety, and fears of the development or persistence of that battle, and therefore in this period people tend to save and not invest, which caused a drop in demand for those currencies, following the announcement of some Countries like China do not deal with them".
The Chinese government still prohibits financial institutions and payments companies from providing cryptocurrency services.
Abdo indicated that the prices of digital currencies are expected to fall again, but they will not fall much, and once the political and economic conditions stabilize, they will rise again.
He explained that trading in digital currencies, despite modern technology, will remain fraught with risks, such as the nature of the economy and the global stock exchange.
As Bitcoin plunged, other cryptocurrencies plunged as the sell-off continued on a larger scale, and the index (MVIS 100), which measures the top 100 crypto tokens at a rate of 9.7 percent.
Meanwhile, a major US cryptocurrency lender has frozen "Seoulis Network" (Celsius Network), withdrawals and transfers, citing harsh conditions, in the latest indication that financial market turmoil is causing distress in the cryptocurrency world.
future prospects
Despite these turmoil, the CEO of the Corum Center for Studies believes that the future of digital currencies is very promising, because it is needed in many transactions that save time and with greater efficiency than normal operations, as well as in remittances and trade exchange.
And he said: "But we have a problem with cryptocurrency speculation, and the world is on its way to ending that situation".
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According to CoinMarketCap, the value of Cryptocurrency market to $926 billion, while Bitcoin fell about 10 percent to an 18-month low of $23,950.
Reflects decline Bitcoin Its price is down 65 percent from its all-time high of Bitcoin in November of last year.
In the opinion of observers and economic experts, the decline in Bitcoin price It is due to the desire of some investors to get rid of those currencies amid a massive sell-off in risky assets.
The market value of cryptocurrencies plunged below $1 trillion for the first time since early 2021.
In turn, the economic analyst and CEO of the Corum Center for Studies in London, Tariq Al-Rifai, believes that Cryptocurrencies Basically and strongly correlates with the performance of the technology “Nasdaq” index, which means that in parallel with the sharp decline of this indicator over the past days, cryptocurrencies are also falling.
In exclusive statements to “Sky News Arabia”, Al-Rifai attributed the reason to the delay of central banks in raising the interest rate, with the steady rise in inflation rates, which calls for creating a state of anxiety regarding the future prospects of the global economy.
explained that Cryptocurrency It will take time to correct its conditions after the great collapse, which is similar to the decline of Bitcoin in 2017 by about 80%, and it did not rise to more than 19 thousand dollars only after 3 years, adding: “We may see this period similar to that, and therefore digital currencies will not rise again as we experienced it.” Only last year, a few years later.
For his part, the economic expert and head of the Egyptian Forum for Political and Strategic Studies, Rashad Abdo, said in statements to “Sky News Arabia”, “This is expected in view of the Russian-Ukrainian war, which is linked to the so-called stage of uncertainty, investor anxiety and fears of the development of that battle or its persistence.” In it, and therefore in this period people tend to save and not invest, which caused a decrease in the demand for those currencies, following the announcement by some countries such as China not to deal with them.
The Chinese government still prohibits financial institutions and payments companies from providing cryptocurrency services.
Abdo indicated that the prices of digital currencies are expected to fall again, but they will not fall much, and once the political and economic conditions stabilize, they will rise again.
He explained that trading in digital currencies, despite modern technology, will remain fraught with risks, such as the nature of the economy and the global stock exchange.
As Bitcoin plunged, other cryptocurrencies plunged as the sell-off continued on a larger scale, and the index (MVIS 100), which measures the top 100 crypto tokens at a rate of 9.7 percent.
Meanwhile, major US cryptocurrency lender Syolis Network (Celsius Network), withdrawals and transfers, citing harsh conditions, in the latest indication that financial market turmoil is causing distress in the cryptocurrency world.
future prospects
Despite these turmoil, the CEO of the Corum Center for Studies believes that the future of digital currencies is very promising, because it is needed in many transactions that save time and with greater efficiency than normal operations, as well as in remittances and trade exchange.
“But we have a problem with cryptocurrency speculation, and the world is on its way to ending that situation,” he said.