The cryptocurrency market recovered somewhat from the weekend slump on Monday. Bitcoin, the largest digital investment on the market, cost about 20,000 dollars (19,073 euros) in the morning. On Saturday, it fell to its lowest level since late 2020 at about $17,600, after costing over $20,000 for the weekend.
Other cryptocurrencies also recovered at the start of the week. The number two in the market, ether, again cost more than $1000. Over the weekend, it had fallen to about $880, the lowest level since early 2021.
The market value of all approximately 19,900 internet currencies was $878 billion Monday morning. The all-time high of nearly $3 trillion in the fall of 2021 is still a long way off. In the current year, many digital stocks have had to accept large losses, often in double digits.
Huge price losses over the weekend
Over the weekend, the value of many digital systems had fallen sharply on several occasions. The reason is a mix of adverse economic conditions and negative news from the crypto industry. Risky assets such as Bitcoin & Co are suffering greatly from rising interest rates worldwide, making financial investments without ongoing income such as Bitcoin seem less lucrative. The reason for the rise in interest rates is high inflation, which many central banks counter by raising interest rates.
The crypto scene is also not calming down. The problems of the lender Celsius Network, which has suspended withdrawals and transfers, have recently caused a stir. A few weeks earlier, there was a price drop in digital value that TerraUSD had caused. This is a so-called stablecoin, which is actually designed as a very stable cryptocurrency.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
