The prices of most cryptocurrencies fell during trading on Saturday, and Bitcoin fell about 3.22% after less than 24 hours of gains.

Today, Saturday, the market value of cryptocurrencies lost about 3% to $ 1.26 trillion, with a trading volume of $ 100.53 billion and a loss of $ 27 billion in the last 24 hours.

Experts attribute the decline in Bitcoin and its sisters during trading today to Saturday, citing reports by Federal Reserve Chairman Jerome Powell on US inflation rates, where Powell described fixed prices as the “cornerstone” of the economy. , On Thursday, said it was the central bank’s war to curb inflation. That includes some difficulties, “he said, noting the impact of higher interest rates.

On the data front, the US Manufacturer Price Index, released on Thursday, showed 0.5% m / m growth in April, which was slower than the 1.6% increase in March, relieving pressure from higher energy production costs. .

Data released on Thursday shows that initial unemployment claims in the United States rose to 203,000 last week.

The price of bitcoin today

Bitcoin (BTC), the world’s largest and most popular digital currency, fell 3.22% to $ 29,448.96 today, and the market value of the world’s most popular digital currency fell to $ 560.6 billion.

Bitcoin was trading at $ 68,992 on November 10.

Many investors took advantage of last week’s sharp fall in bitcoin and began to “buy down” amid betting on the strength of cryptocurrencies to curb long-term inflation.

Today’s cryptocurrency rates

Ethereum currency (ETH) fell 2.11% to $ 2022.83.

Binance coin BNB was down 5.44% at $ 284.10.

The XRP currency was down 3.95% at $ 0.4244.

The Cardano was down 8.64% at $ 0.52.

Polcadot rose 0.08% to $ 10.58.

DOGE / USD also rose 0.89% to $ 0.08908.

Cryptocurrencies are considered a cashless digital payment system that is managed and traded in a decentralized online payment system highly protected from the control and regulation of banks.

Cryptocurrency exchange According to Crypto.com, by the end of 2021, about 300 million people had cryptocurrency.

Gucci is the latest big name to announce the adoption of cryptocurrency as a form of payment, which is another step towards the acceptance of cryptocurrency by major companies.

Some of the world’s biggest brands, including major technology company Microsoft, US telecommunications company AT&T and coffee chain Starbucks, are now adopting cryptocurrency.