London, (Business News Report)|| Cryptocurrencies fell dramatically on Friday and lost a large part of the gains they made in recent days.
The speech of the President of the US Federal Reserve, Jerome Powell, also had negative effects on digital currencies, and led to the halt of the rise of Cryptocurrencies.
During the past hours, the cryptocurrency market went from one state to another with growing concerns about the impending US Federal Reserve movement on currencies and interest rates.
US Federal Reserve President Jerome Powell commented, during his testimony before the US Congress, that he sees Cryptocurrencies as a way to break the law, and that official authorities should not tolerate it.
Powell said that cryptocurrencies may help Russia violate sanctions, and the Fed chair emphasized that cryptocurrencies are speculative and Congress should do something about cryptocurrencies.
This came after it was revealed that the use of cryptocurrencies by the Russian side has expanded in an attempt to circumvent the economic sanctions imposed by the West and as a way to preserve the value of money without harming it with the deterioration of the ruble currency.
Powell said that there is a state of uncertainty about the Russian attack on Ukraine, considering that the bank will proceed with its plans cautiously while monitoring more developments on the repercussions of the Ukraine war on the economy.
Cryptocurrencies fell during the past 24 hours by about 4.40%, to record the crypto market at the level of $1.83 trillion.
As of writing this, the largest and most famous digital currency in the world, Bitcoin, is trading at $41,379.89, down 5%, bringing its gains to 7.37% within a week. While the price of the Ethereum decreased by 6.45%, to record $2,724.05
Ripple XRP also lost 3.68% to $0.738 levels. Terra Luna lost about 1.05% to record levels of $92.40.
Cardano fell 5.70% to $0.8729. And Solana fell by 8.39% to the level of $ 91.75. Polkadot also fell by 6.07% to levels of $17.22
Dogecoine fell by 4.05% to $0.1268 levels. On the other hand, the Shiba Inu decreased by 3.96% to $0.00002472 levels.