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Cryptocurrency market loses 3% of its market value in 24 hours


London, (Business News Report) – The cryptocurrency market has lost 3.01% of its value, during the past 24 hours, in light of the recession in the market.

Major digital currencies such as Bitcoin and Ethereum are suffering, which has exacerbated their losses.

The digital currencies reached $1.99 trillion, with a trading volume during the last 24 hours that recorded about $78.15 billion.


Experts attributed the reason for the current stagnation in the “crypto” market for cryptocurrency trading to investors’ anticipation of the Federal Reserve’s announcement of an increase in interest rates during the next week.

This curbs the appetite of high-risk assets and pushes to invest in US bonds, amid expectations of a strong increase in global inflation rates.

From another point of view, now is a great opportunity to seize and buy cryptocurrencies while they are low, but with the utmost caution when dealing with cryptocurrencies that may make you rich overnight, and may leave you broke in moments.

After the approval of US President Joe Biden’s infrastructure plan, which added $28 billion in new tax obligations on cryptocurrencies, it seems that the US administration is considering imposing more tax obligations, but this time it will be on the NFT token community.

Extra taxes

In a related context, the Internal Revenue Service wants its share of the NFT booty, as there is a lack of clarity on how NFT holders will be taxed, but tax experts say taxes could be as high as 37%.

Chainalysis reports that the NFT industry saw deals worth $44 billion in 2021. Some of them were big gainers.

A famous case in the NFT community is that Jack Dorosi sold his first tweet on Twitter for more than $2.5 million, while an American artist sold NFT for more than $69 million.

Gary Gensler, the head of the US Securities and Exchange Commission, earlier called on Congress to provide the commission with more powers to monitor cryptocurrency trading, lending and trading platforms.

According to a recent report, 73% of institutional investors and wealth managers believe that granting the SEC these powers will have a positive impact on the price of crypto and digital assets, while 32% believe it will have a very positive impact.


Bitcoin BTC decreased by 2.11% to reach $41946.57.

Ethereum ETH lost 3.16% to $3,169.38.

Binance coin BNB decreased by 3.97% to reach $465.30.

Cardano ADA fell 3.06% to record $1.50.

XRP tumbled 2.83% to $0.7465.

Polkadot DOT coin fell by 7.29% to $24.86.

Dogecoin lost 3.07% to $0.1659.

Litecoin (LTC) fell by 6.06% to reach $142.92.

Chainlink LINK coin fell 7.22% to $23.18.


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