Cryptocurrency prices.. Bitcoin is collapsing despite the positive atmosphere
Cryptocurrency prices fell on Friday, February 24, 2023, despite the recent positive news received by the "crypto" market.
The market value of cryptocurrencies stabilized today, Friday, at the level of $ 1.09 trillion, and the volume of trading in the crypto market decreased during the last 24 hours to the level of $ 55.84 billion.
Earlier this week, the prices of cryptocurrencies in general and Bitcoin in particular witnessed a remarkable increase after Hong Kong announced a plan that would allow individual investors to trade digital currencies such as Bitcoin and Ether, to become a global center for cryptocurrency trading.
The support also contributed to the success of the Ethereum-based Binance exchange in reducing cryptocurrency mining costs and energy consumption by 90%.
Hong Kong has turned into a supportive position for cryptocurrency trading, as part of its efforts to restore the city's position as a financial center, and officials aim to take advantage of the digital asset crisis that lost $ 1.5 trillion in value last year and global bankruptcies, such as the collapse of the FTX stock exchange. , in establishing a regulatory framework that can attract companies and protect investors.
However, the climbs stopped with the issuance of a report indicating that the US Federal Reserve (the central bank) believes that the slowdown in the inflation rate in recent months is not sufficient to stop the series of interest rate hikes that it started since last year.
The minutes of the February meeting - issued last Wednesday - showed that inflation remained "well above" the bank's target of two percent, indicating continued mounting pressures on wages and prices.
Profit-taking also contributed to the decline, after its price jumped in the least 24 hours by about $1,000, amid expectations of further rise during the coming period.
What is the price of bitcoin today?
Bitcoin price declined during today's trading by 2.05% to $23,885.7.
The market value of the world's most popular cryptocurrency fell to $460.88 billion. The trading volume amounted to about 28.64 billion dollars.
Over the last 7 days, Bitcoin has lost most of its gains, to be limited to a recovery of 0.44% overall.
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What are the cryptocurrency prices today?
The price of Ethereum ETH decreased by 0.81% today, to reach $1,651.69.
The price of Binance coin BNB decreased by 0.8%, to record $310.29.
The price of the Ripple XRP currency lost 1.5% of its value, to record $0.3879.
Cardano fell by 2.45% to $0.3816.
The price of Dogecoin fell by 1.25% to reach the level of $0.0846.
The price of Polkadot fell by 2.95%, to $7,082.