Big drop in cryptocurrency prices - Economist

If we look at the cryptocurrency market during the last 7 days, we will find that there has been a strong decline during the past week, as the Bitcoin currency declined by more than 10% and its price is now trading at $54,675.

But if we look at the second-largest currency by market value, "Ethereum", we will find that it declined by more than 7% during the same period and is currently trading at a price of $4,120.

We find that the reasons for the decline of cryptocurrencies were not clear, but we can point out that the decline comes either due to profit-taking in many currencies in addition to the continuation of China's war on cryptocurrencies, especially bitcoin miners, due to the large energy consumption and carbon emissions that bitcoin causes.

In the United States of America last week, the US Securities and Exchange Commission rejected VanEck's request to establish a fund to trade on the spot price of bitcoin, causing a downturn in the cryptocurrency market.

In the beginning, we find that the Ripple currency fell by more than 15% during the past week and is now trading at a price of $0.952, and the Solana currency has lost about 9% and fell below the $200 and is trading at a price of $196.

As for Cardano, it lost about 19% in the same period, and its price is now trading at the level of 1.55 dollars, while the Dogecoin has fallen by about 12.5% of what led to its trading now from the price of 0.205 dollars.

As for the “SHIBA INU” currency, it declined by more than 23% and is now trading at a price of $0.0000392, after it crossed the $0.00008 barrier at the beginning of this month.