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Cryptocurrencies lose 7% of their market value

Cryptocurrencies

Cryptocurrencies lost 7% of their market value, with Bitcoin dropping to $60,750.

The digital currencies lost about $2.67 trillion, and the volume of trading during the last 24 hours reached about $123.21 billion.

According to experts, cryptocurrencies fell due to the rise in U.S. bond yields, and the dollar recorded a 16-month high.

The U.S. dollar recorded its highest level in 16 months against a basket of major currencies at the close of trading on Monday, supported by global growth and inflation fears, while investors await new data this week on consumer spending in the U.S..

The dollar received support last Wednesday from data showing that US consumer prices rose last month at the fastest annual pace since 1990, which casts doubt on the Federal Reserve’s belief that inflation pressures will be transient, and fuels expectations that interest rates will rise sooner than expected in the previous.

The dollar index, which measures the value of the dollar against six competing currencies, recorded 95.405, its highest level since July 2020.

The price of Bitcoin (BTC) plunged 6.96% to $60,750, bringing the market capitalization of the world’s most famous digital currency to $1.155 trillion.

The price of the Ethereum coin (ETH) decreased by 7.70%, to record about $4,332.74, and a market value of about $514,797 billion.

The price of the Binance coin (BNB) fell this morning by 6.74%, to reach $608.96, and a market value of $101.925 billion.

The price of the Cardano coin (ADA) fell by 5.11% to record $1.95, recording a market value of $65 billion.

The price of the XRP currency fell Tuesday morning by 6.91% to reach $1.13, with a market value of $53.221 billion.

The price of the Polkadot (DOT) coin decreased by 9.78% to reach $42.29.

The price of DOGE coin decreased by 5.59% to $0.2488.

The price of Litecoin (LTC) fell by 11.19% to reach $246.26.

The price of Chainlink (LINK) currency fell during early trading Tuesday morning by 11.48%, to reach $30.28.

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