Mahmoud Mohamed and agencies
September 9, 2022
13:45 PM
Cryptocurrencies continued their upward performance on Friday, amid the decline in the value of the dollar, and Bitcoin is looking to record its best day in six weeks.
The rise of digital currencies came despite continuing concerns about raising interest rates at the same strong pace and for a longer period, which affects the performance of higher-risk assets.
During today’s trading, Bitcoin, the most valuable cryptocurrency in the world, rose by 7.88% to reach $ 20.75 thousand, to return again above the level of $ 20 thousand.
Today, the Bitcoin currency returned to the levels that it was moving in for almost a month, amounting to 19 thousand and 21 thousand dollars, in light of the attempts of investors to absorb their losses as a result of tightening monetary policies. .
As for the rest of the cryptocurrencies, Binance Coin rose 4.6% to $290.7, Ripple increased by 5.4% to $0.35166, and Blockchain rose by 9.8% to $7.83.
The market capitalization of cryptocurrencies at that hour rose to about $1.02 trillion from $973.4 billion, according to CoinMarketCap data.
It is noteworthy that the riskier assets were negatively affected in the past sessions by expectations that interest rates will continue to rise, and to remain at those levels until inflation slows in the United States.
Financial markets are currently expecting the Federal Reserve to raise interest rates by 75 basis points for the third consecutive meeting in September, followed by an increase of 50 basis points in November, and then a 25 basis point hike in December, with the central bank starting to cut interest rates in the fall 2023.