Cryptocurrency market is experiencing a new phase of turbulence this is reflected in the fall in the price of bitcoin.
Several cryptocurrencies have weakened since Friday in the face of uncertainty caused by the Federal Reserve meeting and information that may appear there.
The price of bitcoin fell by more than 2% to below $39,000 and its volatility saw it hit $43,000 before dropping to $38,000 the same week.
The Shiba Inu also lost 5.12% of its value, while Dogecoin also fell 2.64%..
On the other hand, Ethereum strengthened, increasing its unit value by 0.22%.
It is amazing that by the end of last week, almost all of the top 100 cryptocurrencies were sold, and this creates uncertainty among investors, which leads to a loss of value.
The key moment that stimulates the volatility of cryptocurrencies is the statements against them.as in the case of Warren Buffett, chairman of Berkshire Hathaway, who recently asked that investing in them was not an option.
“If you told me you own all the bitcoins in the world and offered them to me for $25, I wouldn’t take them. What would I do with them? I commented recently.
On the other hand, the inflation rate indicates that the Federal Reserve will raise interest rates well above current levels before the end of the year, and this creates a difficult scenario for speculative investments such as cryptocurrencies, so no one dares to predict what will happen to them.
At the moment, various experts point out that by providing a blockchain network on which applications and services can be built, Ethereum Ether token can withstand financial shocks better than other cryptocurrencies.