Bitcoin Ethereum and Other Major Coins Make a Terrible Start in 2022
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Answer Bitcoin Ethereum and Other Major Coins Make a Terrible Start in 2022
The new year 2022 was highly anticipated by the continuity of the digital currency market after the decline recorded at the end of the fourth quarter of 2021.
Many analysts predict that the beginning of 2022 will be the beginning of the rise of Bitcoin and other altcoins.
But not everything one wishes to realize.
Bitcoin price and most of the top 20 cryptocurrencies by market capitalization have fallen over the past seven days.
The only coin to break the trend is Chainlink, which is up 30% in the last 7 days, according to CoinMarketCap.
All other major currencies recorded double-digit losses in the new year.Read:Facebook is facing obstacles and is reconsidering the launch of its cryptocurrency “Libra”
The market leader, Bitcoin, has actually seen one of the biggest drops this week.
Bitcoin is down 11% in the last 7 days, and is trading around $42,000 at the time of writing.
Despite the recession, the Bitcoin network set a new record last Sunday, when its hash rate reached an all-time high of 203.5 EH/s, before falling again a few days later.
To change the path of the hash rate after the political problems that occurred in Kazakhstan, which led to the interruption of electricity and the Internet for Bitcoin miners.
On the other hand, last Tuesday, the US Securities and Exchange Commission postponed a ruling on whether to approve or reject the implementation of the Bitcoin ETF provided by the New York Digital Investment Group (NYDIG).
A new date has been set for March 16 this year.
NYDIG’s application joins the applications also submitted by Bitwise and Grayscale as they all sit waiting at the SEC table.
Pending approval from the SEC, Bitcoin continues to run contrary to expectations, as the market dominance of the world’s number one cryptocurrency has fallen to 37.28%.
The new number marks the lowest level of bitcoin’s market dominance since 2018, although it still means that one coin alone accounts for more than a third of the crypto market.Read:Huge support from the crypto community for Tornado Cash… Will the US reconsider banning it?
Last Wednesday, the US Federal Reserve indicated that it may move forward with its decision to raise interest rates and halt money printing until mid-March.
This affected the price of Bitcoin and caused it to decline by more than 6% of its value and its global market value fell within 24 hours after the news.
Share prices also fell more than 3%.
Solana, AVAX, and LUNA, after being two of the top performing altcoins, became among the biggest losers this week, with each incurring seven days of losses close to 20%.
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