The market value of cryptocurrencies lost about 460 billion dollars since the beginning of the transactions of the current year 2022 until Sunday, March 13th, with the return of concerns about the repercussions of the Russian-Ukrainian war, and the Fed’s movements regarding interest, which may rise in the coming days, which harms assets. High-risk after increasing borrowing rates.
According to data from the CoinMarketCap website, which specializes in monitoring the performance of digital currencies, the “Bitcoin” currency fell by 15.8%, losing about 7.31 thousand dollars, after its price fell to the level of 38,912 thousand dollars on Sunday at 10:25 am UAE time compared to closing Last December at the level of 46.21 thousand dollars.
The total market value of the bitcoin price during that period also lost about 58.48 billion dollars, after it reached the level of 817.45 billion dollars, compared to 875.93 billion dollars, down by 6.7%.
During that period of trading in the new year, the “Ethereum” currency also returned to decline by 29.8%, reaching 2.58 thousand dollars, compared to 3.67 thousand dollars. The “Binance Coin” fell by 27.46% to reach $371.2, compared to $511.7.
The “Solana” currency continued to decline in that period of the year’s trading by 52.21% to reach $81.23 compared to $169.98, and the “Cardano” currency declined by 7.4% to reach $1.22.
The Ripple currency fell 4.02% to the level of $0.79656, compared to $0.82995. While the “Terra” currency rose 1.97% to the level of $ 87.2.
The Dogecoin currency declined by 32.3%, after its price fell to the level of $0.115309, compared to $0.170297. The “Shiba Inu” currency fell by 33.07 percent, after its price fell to the level of $0.0002234, compared to $0.000003338.
In today’s trading, the total market value of digital currencies declined to about 1.74 trillion dollars, compared to 2.2 trillion dollars, losing about 460 billion dollars, down 20.9% in that period.
The US Treasury has warned of Russian attempts to use cryptocurrencies to bypass sanctions. The US Treasury Department’s Office of Foreign Assets Control issued new guidance last Friday, making it clear that US citizens and digital asset companies are required to comply with sanctions against Russia, even when facilitating transactions in cryptocurrencies.
On the same front, a European parliamentary committee is scheduled to vote on Monday to adopt a new regulatory framework for crypto assets, which could speed up the passage of a measure.
Industry executives say it could effectively ban the trading of major cryptocurrencies, including Bitcoin and Ethereum, in Europe.
According to the final draft of the law, dubbed MiCa, issued crypto assets circulating in the EU must meet minimum environmental sustainability standards and establish a phased and sustainable rollout plan in order to ensure compliance with those requirements.
Despite this narrowing, there are major institutions that have begun to expand the provision of these currencies, as “Goldman Sachs” is studying the provision of binary options contracts for cryptocurrency outside the trading booth, which indicates the bank’s involvement in helping institutions trade crypto-currency derivatives.
A recent Bloomberg news report confirmed that advertisements for cryptocurrency exchanges are filling sports stadiums, buses, and highway billboards across Argentina, after the country’s economic instability fueled one of the world’s largest digital money boom.