Prices of most cryptocurrencies fell during Saturday’s trading, and Bitcoin fell by about 3.22% after less than 24 hours of rising.
Today, Saturday, the market value of cryptocurrencies lost about 3% to reach $1.26 trillion, with a trading volume during the last 24 hours, which recorded about $100.53 billion, with a loss of $27 billion.
Experts attributed the reason for the setback of Bitcoin and its sisters during trading today, Saturday, to the statements of Federal Reserve Chairman, Jerome Powell, regarding inflation rates in the United States, where Powell described stable prices as “the cornerstone” of the economy, saying on Thursday that the central bank’s battle to calm inflation. It will include some difficulties” as the impact of higher interest rates can be felt. But he said the worst outcome would be for prices to continue to accelerate forward.
On the data front, the US Producer Price Index released on Thursday showed growth of 0.5% m/m in April, slower than the 1.6% increase in March, due to relief from pressure from higher energy product costs. .
Data released on Thursday also showed that initial jobless claims in the US rose to 203,000 last week.
Bitcoin price today
The price of Bitcoin (BTC), the largest and most famous digital currency in the world, fell today by 3.22% to reach $29,448.96, and the market value of the most popular digital currency in the world fell to the level of $560.6 billion.
The highest level reached by the price of Bitcoin was on the 10th of last November, when it recorded 68 thousand and 992 dollars.
Many investors took advantage of the massive drop in Bitcoin over the past week, and began “buying down” amid a bet on the strength of cryptocurrencies to fend off long-term inflation.
Cryptocurrency rates today
The price of the Ethereum coin (ETH) decreased by 2.11%, recording 2022.83 dollars.
The price of Binance coin BNB fell by 5.44% to $284.10.
The price of the XRP currency fell by 3.95% to $0.4244.
The price of the Cardano coin fell by 8.64%, to record $0.52.
Polkadot price gained 0.08% to reach $10.58.
The DOGE/USD price also rose by 0.89%, to reach $0.08908 levels.
Cryptocurrencies are considered as a non-cash digital payment method, which is managed and traded in a decentralized online payment system that is highly protected away from the control and control of banks.
According to the statistics of the cryptocurrency exchange Crypto.com, there were approximately 300 million people who owned cryptocurrency by the end of 2021.
The high-profile brand name Gucci is the latest big name to announce that it will accept cryptocurrency as a form of payment, marking another step forward for the acceptance of cryptocurrency by major companies.
Some of the world’s biggest brands now accept cryptocurrency, including big tech company Microsoft, US telecoms company AT&T and coffee chain Starbucks.