Cryptocurrency prices rise during the week of the increase in US interest

02:45 PM

Saturday 30 July 2022

Books – Alaa Hajjaj:

Cryptocurrency prices rose over the past week, as the Federal Reserve decided to raise interest rates by 0.75% for the fourth time in a row since the beginning of this year.

According to the CoinMarketCap platform, Bitcoin rose by 5.25% over the past week to record $23.8 thousand, while Ethereum rose by 8.5% to reach $1.68 thousand.

Over the course of the week, BNB rose 6.6% to $286, Cardano rose 7.15% to $0.52, and Dogecoin rose 3.4% to $0.070.

Digital currencies are virtual currencies that do not have a physical presence and are not covered by tangible assets, are traded over the Internet, are not issued by any central bank, are not under the supervision of any regulatory authority and are not controlled by any central authority.

Cryptocurrency mining relies on thousands of computers around the world that validate transactions and add more of these coins to the system.

Bitcoin is the most famous digital currency, but it is not the only one that has become popular in recent years, as the number of these currencies currently reaches thousands, especially after the first big rise of Bitcoin in 2017, which highlighted this area and trading in it, and thus the emergence of more of these currencies.

On the CoinMarketCap platform alone, about 9,934 encrypted digital currencies are traded, led by Bitcoin, in addition to some other digital currencies that became famous after the high prices of Bitcoin and the inability of some to trade it, such as Ethereum, Dogecoin, Litecoin, and others.

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