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Cryptoactive money market reports historical low

Cryptoactive money market reports historical low

Washington, May 10 (Prensa Latina) Crypto assets today reported a historic low in their market value of 1.4 trillion dollars as a possible consequence of the rise in interest rates to control inflation, according to the CoinMarketCap data site.
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This figure is below the 2.2 trillion dollars registered on April 2 and far from its historical maximum of 2.9 trillion at the beginning of November, according to that specialized website.

The loss of almost 800 billion dollars in April could be a sign that the end of the expansionary monetary policy with the rise in interest rates by the United States and Europe reduces the appetite for risk assets, according to experts.

Specifically, bitcoin, one of the most popular cryptocurrencies with more than 40 percent of this virtual market, reached a 10-month low on Monday and then rebounded to a value of $31,450.

This came six days after hitting $40,000, although it has been trading down more than 54 percent from the all-time high of $69,000 achieved in December.

Nonetheless, Bitcoin-linked funds and products saw inflows of $45 million last week as investors took advantage of price weakness.

Other cryptocurrencies have also tumbled in recent days, as evidence of fears of aggressive interest rate hikes around the world to stave off inflation at multi-decade highs.

Signs of weakness in stablecoins, which are typically safer, further spooked investors. TerraUSD, the world’s fourth largest stablecoin, lost a third of its value on Tuesday as it lost its peg to the dollar.

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