Bitcoin fell as much as 8.3%, to its lowest level since late July, and was trading at $21,990 in early trading.
Cryptocurrencies suffered a sharp sell-off as global markets fell on the back of increasing uncertainty regarding the direction of monetary policy.
Ether and smaller cryptocurrencies saw a sharp decline, with Solana down more than 10%.
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The US Federal Reserve announced at the end of last week that it raised the interest rate by 0.75 points, to reach 2.25%, in an attempt to reduce the inflation rate and face the high prices in America, which is the largest economy in the world.
An increase in the interest rate leads to an increase in the dollar’s trading price, which is usually inversely proportional to the trading price of bitcoin, gold and US stocks.
It is noteworthy that the price of Bitcoin at the time of the Fed’s announcement of the interest rate hike shocked everyone, contrary to all expectations of analysts who emphasized the drop in the price, citing that positive news on the dollar always leads to a decrease in the price of Bitcoin, but it surprised them all by increasing its price by a large percentage, contrary to usual.
The price of one piece of Bitcoin before the Fed’s announcement was $20900, bringing the price up at the time of the Fed’s announcement to reach 23900 per piece, causing shock and great losses for everyone who expected its decline.
Bitcoin is trading today at a fluctuating price between “23500-24300” dollars, subject to rise and fall depending on the volume of trading on it, and negative and positive news.
Source: Sawa Agency
5 cryptocurrencies made double-digit gains overnight, hitting key price levels in the current cycle, including Filecoin (FIL), Internet Computer (ICP), The Graph (GRT), Chili’s (CHZ), and Polkadot (FIL). DOT).
FIL, ICP, CHZ, DOT, and GRT played a trump card
After announcing a rate hike from the Federal Open Market Committee midweek, cryptocurrencies recovered from the recession, posting double-digit gains for their owners.
FIL coins gained 37% for their holders overnight, as did ICP, GRT, CHZ and DOT, which provided massive gains for traders.
The relationship between Bitcoin and other digital currencies
AVCrypto, (a pseudonymous digital analyst), put forward the view that cryptocurrencies are rising in price while Bitcoin is falling. While significant declines in the price of Bitcoin provide traders with an opportunity to accumulate, price hikes and small dips cause the prices of other cryptocurrencies to rise.
The analyst’s opinion fits with the current situation where Bitcoin posted a 3% gain while the FIL, ICP, GRT, CHZ and DOT all posted double-digit gains for their holders.
Whereas, Altcoin Sherpa, a technical analyst, and a prominent trader pointed out that the rise of cryptocurrencies is not affected by the significant recovery in the price of Bitcoin. He also predicted an imminent rise in the price of the first digital currency, as it is likely to rise by 20 thousand dollars in the coming weeks
Source: FXstreet
Victims of “Zipmex” sue cyber police after company breached conditions, lost 600 million
written by Alexandra Hartman Editor-in-Chief
25 July 2022 Victims “Zipmex” Zipmex, a currency exchange service platformdigital money Come to the Technology Crime Investigation Headquarters (AMC) or cyber police To file a lawsuit for damages totaling more than 600 million baht following 744 victims did not know that the funds were transferred to Z wallet, which may be beyond the supervision of the The Securities and Exchange Commission (SEC)
One of the victims, Phataraset Phromsawat, revealed that the victims were unable to move digital assets in their trading wallets. The company has taken the assets of the victims to invest. which must be viewed as wrong SEC or not? In principle, the company cannot continue to invest the client’s assets.
Knowing that the board has liquidity problems. causing the problem of Z wallet being locked which way ” Zipmex” He argued that there were foreign investments, but there was no mention of whether the money would be used to pay interest for benefits. Those who came together today wanted to see what problems the company might solve.
The victim’s representative stated that while the victim had gathered information to be used as supporting documents for litigation Which currently has a total of 744 victims, a total value of 661,062,586 million (value during the withdrawal period on July 20, 2022 according to the Coin Market Cap Index).
As for the proportion of crypto coins invested in ZipUp+ products, most of them are 50.4% invested in “Bitcoin” coins with a closing date value of approximately 330,413,611 baht.
Mr. Phataraset added that following this, we will have to look at the guidelines for how the company will answer what needs to be solved. which, if not doing anything, will have to move forward in which direction to go In addition, the victims have gathered evidence and proceeded to wait and see the way of the way. “Zipmex” How to find a way including the matter of viewing the law Initially, it was known that the company lacked liquidity, which meant the company had no money to pay. which during the suspension of trading is a loss of investment opportunity
Initially, the staff NESDB receive information check that will fall into the scope of any offense The victim must be interrogated first. Due to the large number of victims
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