The market #الكريبتو loses 90 billion dollars in just one hour
The cryptocurrency market has lost about 90 billion dollars of its value in one hour, in one of the fastest sudden downturns this year.
The total market capitalization dropped from around 3.11 trillion dollars to about 3.02 trillion dollars, before stabilizing later near the 3.03 trillion dollar mark.
This decline came amid the volatility the crypto market is witnessing following the decision #الفيدرالي by the American to cut prices #الفائدة by 25 basis points. Reducing interest rates is usually seen as a supportive factor for high-risk assets like #البيتكوين , as investors are less inclined to hold dollars and tend to seek higher returns.
However, the cryptocurrency market did not react as expected this time, with most cryptocurrencies registering collective declines, dropping #Bitcoin over the past 24 hours by about 2.33% to 90,368 dollars.
Source: Cointelegraph.
