The market for cryptocurrencies continues to suffer from the prospect of significantly increasing key interest rates. Bitcoin, the largest digital investment in terms of market value, cost a low of 19,540 US dollars (around 19,654 euros) on Monday morning on the Bitfinex trading platform, which is less than last time in mid-July.
The course of the second largest Internet currency Ether also continued to fall and was 1450 dollars. The market value of all around 20,700 digital assets is currently around 950 billion dollars. The record high from last November is around three times as high.
Risky assets, which include bitcoin and other crypto assets, are currently under pressure mainly due to rising interest rates around the world. Not only the US Federal Reserve, but also many other central banks give high priority to the fight against high inflation.
US Federal Reserve Chairman Jerome Powell made it clear last Friday that the Fed would also accept consequential economic damage in order to reduce inflation. Market speculation that the Fed might be thinking of cutting interest rates again in the coming year was thus weakened.
Rising interest rates are often bad for riskier asset classes. Additional pressure is currently coming from the gloomy economic prospects, especially for Europe. The looming natural gas crisis in particular is causing an economic burden here. But the economic prospects for other regions of the world are also considered poor in view of numerous critical developments.
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