Urgent: Cryptocurrencies conquer panic.. 50 billion dollars in gains and gains in wholesale By Investing.com

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Investing.com – The wave of crazy rallies that hit Wall Street on Monday spread to the cryptocurrency market, in a reversal of investor appetite for risky assets, coinciding with the break in the rallies.

The dollar’s decline gave crypto assets and stocks a sigh of relief after a violent wave of losses that came in conjunction with the dollar’s reaching its highest level since February 2002, while bonds jumped to a 15-year peak.

The stock market succeeded in rising at the end of the first sessions of the month of October, after it suffered sharp losses last month and during the entire third quarter of this year, as US indices rose on average about 2.5 percent.

50 billion gain

And within a few hours, it rose up to jump away from the boundary of the market value near the levels of 900 billion dollars, which it fell to during Monday’s trading.

The market value of digital currencies jumped during trading today, Tuesday, to levels near 960 billion dollars, with an increase of more than 50 billion dollars.

despite the dread

Despite the market’s rise now, feelings of intense fear and panic still dominate the crypto market traders, amid expectations of continued tightening by the US Federal Reserve, coinciding with the dollar’s rise to its highest level in 20 years.

The dollar’s ​​strength is withdrawing on high-risk assets, which drives the risk appetite to shift towards the acquisition of the dollar and the migration of stocks and digital currencies, coinciding with the weak demand for the high cost of holding bullion in dollars.

The data of the Crypto Fear & Greed Index revealed that the crito market fell into the area of ​​extreme panic, as the index recorded a decline of about 4 points at once.

The Crypto Fear & Greed Index dropped to the 20 points during today’s trading, compared to being near the 24 points during yesterday’s trading for fear of a sudden market reversal.

for 20 thousand

During the past hours, Bitcoin succeeded in exceeding the levels of 20 thousand dollars, while it hovered near the levels of 19.93 dollars, with an increase of about 4%, while its market value jumped to 383 billion dollars.

Within 24 hours, Bitcoin increased its gains by more than 1.1 thousand dollars, to jump from levels of 19 thousand dollars to levels near 20.1 thousand dollars, an increase of 7% within 24 hours.

While Bitcoin is still declining by 1.3% in a week, it managed to erase its losses in 30 days, while declining by 14% in two months, while declining by 58% since the beginning of the year.

market now

Ethereum, the second largest cryptocurrency in terms of market capitalization, rebounded to levels above 1.3 thousand dollars, to jump by 5% to levels of 1.35 thousand dollars, while declining 3% during the week.

Binance Coin rose by 3% to levels of $291, increased 5% to levels of $0.461, and rose by 3% to levels of $0.432.

It rose by 4% to levels of $ 34, increased 1% to levels of $ 0.06, rose by 3% to levels of $ 6.4, Polygon Matic rose 8% and Shiba Inu 2%.

interest pressures

This comes as a United Nations agency said that the US Federal Reserve and other central banks risk pushing the global economy into a recession, which may be followed by a prolonged depression if they continue to raise interest rates.

The warning comes amid growing concern about the rush with which the Fed and other global central banks are raising borrowing costs to contain rising inflation.

Wall Street investor sentiment improved as US yields fell, as the 10-year bond yield fell to 3.65%, after hitting 4% last week.

Investors are awaiting the release of the monthly jobs report in the United States next Friday, to assess the state of the labor market in the country.

The article does not express a recommendation or nomination, but rather a mere monitoring of market fluctuations, as trading in digital currencies involves high risks, including the risk of losing some or all of the investment amount, knowing that it is not completely subject to financial authorities and markets.

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