{"id":218472,"date":"2022-02-03T13:00:39","date_gmt":"2022-02-03T13:00:39","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=218472"},"modified":"2022-02-03T10:43:28","modified_gmt":"2022-02-03T10:43:28","slug":"cryptocurrencies-market-value","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/cryptocurrencies-market-value\/","title":{"rendered":"Cryptocurrencies’ market value drops to $1.66 trillion"},"content":{"rendered":"

London, (Business News Report)|<\/strong> Cryptocurrencies’ market value tumbled to $1.66 trillion, Thursday morning, in light of a collective drop in digital currencies.<\/p>\n

Chainlink and Polkadot led the collective decline of digital currencies, losing about 9% of their value.<\/p>\n

Meanwhile, the two most popular currencies, Bitcoin and Ethereum, fell by 4%.<\/p>\n

The decline in cryptocurrencies’ market value comes amid a wave of selling of high-risk assets. It has been going on for more than a week after the Federal Reserve announced its intention to raise interest rates starting next March.<\/p>\n

Fears of an attack by Russia on Ukraine have also caused the sale of high-risk assets to continue at a rapid pace around the world.<\/p>\n

According to Bloomberg, the shift away from high-risk assets was the main focus in the markets, with expectations of a sharp cut in quantitative easing policies following the emergence of a series of frenetic inflation data.<\/p>\n

Bloomberg indicated that digital asset investment products suffered from outflows for the first time since last August. The average weekly outflows reached $88 million until the end of January.<\/p>\n

The total assets of Bitcoin products under management have also fallen by about 23% since December.<\/p>\n

It is as if the tragedy of February 2021 is being repeated, when the same collapse hit digital currencies. Bitcoin at that time recorded $42,000, down from a peak recorded in previous months.<\/p>\n

On the other hand, analysts at JP Morgan Chase<\/a> lowered Bitcoin’s long-term price target from $150,000 to just $38,000. This is amid fears of a bigger response from global central banks toward the leading virtual currency.<\/p>\n

Long-term analysts expected the price of Bitcoin to approach $150,000 in a report last month. They said that the figure may be possible as cryptocurrency volatility declines and institutional investors prefer bitcoin to gold.<\/p>\n

Prices<\/h3>\n
    \n
  • Bitcoin fell by 4.08% to $36,885.78.<\/li>\n
  • Ethereum fell by 4.72% to $2,643.19.<\/li>\n
  • Binance coin fell by 3.98% to reach $366.40.<\/li>\n
  • Cardano coin fell by 4% to record $1.03.<\/li>\n
  • Ripple XRP fell by 3.78% to $0.603505.<\/li>\n
  • Polkadot coin fell 8.9% to $18.40.<\/li>\n
  • Dogecoin fell 3.48% to $0.137807.<\/li>\n
  • Litecoin fell 5.06% to $108.49.<\/li>\n
  • Chainlink coin fell 9.82% to $15.63.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

    London, (Business News Report)| Cryptocurrencies’ market value tumbled to $1.66 trillion, Thursday morning, in light of a collective drop in digital currencies. Chainlink and Polkadot led the collective decline of digital currencies, losing about 9% of their value. Meanwhile, the two most popular currencies, Bitcoin and Ethereum, fell by 4%. The decline in cryptocurrencies’ market […]<\/p>\n","protected":false},"author":4,"featured_media":218475,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[168,3701,7312,7460,278],"class_list":["post-218472","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-bitcoin","tag-cryptocurrencies","tag-dogecoin","tag-ethereum","tag-featured"],"yoast_head":"\nCryptocurrencies' market value drops to $1.66 trillion| BNReport<\/title>\n<meta name=\"description\" content=\"BNReport| Cryptocurrencies' market value tumbled to $1.66 trillion, Thursday morning, in light of a collective drop in digital currencies.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/cryptocurrencies-market-value\/\" \/>\n<meta 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