Bitcoin crosses the $22,000 mark and a collective rise in the cryptocurrency market

Bitcoin managed to surpass the levels of $ 22.4 thousand and this was the first time since June 16 last month,
and this rise comes at a time when the US dollar is consolidating
and recording down after the US Federal Reserve cut interest rate hike expectations to 100 basis points.
The digital currencies returned to recording new heights during Monday’s trading after more losses were recorded during the previous period
,the effects did the news that the US Federal Reserve would raise interest rates by 1% to battle inflation, which hit its highest level in 40 years,
have on the cryptocurrency market and other high-risk assets

topic

Cryptocurrency market capitalization

Oil rises strongly after Biden failure and renewed China fears.

Gold rises amid low expectations of a rate hike.

Cryptocurrency market capitalization

The value rose during the past few hours only to 40 billion dollars after it succeeded in exceeding the levels of 22 thousand dollars,
and thus the total value has reached 1.02 trillion dollars, compared to 850 billion dollars during the last 5 trading days,
to achieve gains of up to 170 billion dollars, and this market value reached Bitcoin to $425 billion.

Fear Index

The consolidation of Bitcoin to the highest levels of $20,000 coincided with a drop in the fear and greed index of about four points over the past few hours
Although the cryptocurrency market is still experiencing extreme fear for the third consecutive month, the mood of traders has recently improved.

Oil rises strongly after Biden failure and renewed China fears.

Following the most recent wave of drops in Brent crude and West Texas crude,
which were brought on by lingering concerns that a recession would affect oil consumption,
oil prices have once more risen.
Where the rise in oil prices came after the failure of Joe Biden, the US president, to try to persuade the Gulf countries to get more oil production
And the continuing crisis of fear of demand in China in light of the fears of closures due to Corona.

And US Treasury Secretary Janet Yellen was holding meetings in order to try to set a proposed ceiling for the price of Russian oil
with some countries on the sidelines of a meeting of G-20 finance ministers.
Statements stated that setting a ceiling for Russian oil prices is a difficult issue at the present time
but the best solution is to strengthen talks between the parties concerned with the Russian-Ukrainian war.

Gold rises amid low expectations of a rate hike.

Following a significant dip the previous week, gold prices increased at the start of trading on Monday.
Today’s gains occurred as a result of a drop in the US dollar index and decreased investor expectations for a 100 basis point
reduction in interest rates at the next US Federal Reserve meeting.

At their meeting on the 26th and 27th of this month,
the US Federal Reserve’s members committed to raising interest rates by 75 basis points only. high gold
The rise in gold prices was also influenced by an increase in the US 10-year bond yield of 0.57 percent,
US 20-year bond yield of 0.34 percent, and US 30-year bond yield of 0.33 percent.

However, it is important to remember that even though gold provides a safe haven in the face of high inflation,
high interest rates reduce its appeal.

negatively affecting gold

Since the Russian invasion till today,
the Central Bank of Ukraine has decided to sell gold quantities totaling $12.4 billion.
This decision was made to assist importers in purchasing basic goods for the nation.

Spot gold rose to $1,718.70 an ounce,
and US gold futures for August delivery rose to $1,716.90 an ounce, at a rate of 0.78%,
and silver futures rose at $18.97 an ounce, at a rate of 1.37%,
and the platinum spot contract rose at $849.70, at a rate of 2.27%.

artical name Bitcoin crosses the $22,000 mark

Bitcoin crosses the $22,000 mark

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