Cryptocurrencies continued to face losses as trading platforms turned red amid widespread uncertainty dominating most investment and economic activities. According to data reviewed by "Al Arabiya.net," the total market capitalization of cryptocurrencies being traded declined by 5.7% over the past 24 hours, plunging from $1,962.6 billion in Thursday's transactions to approximately $1,850.6 billion by Friday morning.
The wave of losses was exacerbated by mining issues, as well as news related to measures that central banks are expected to announce in the upcoming period, particularly the Federal Reserve's move towards tightening monetary policy and raising interest rates. Additionally, the rise in safe-haven assets led by gold has further intensified the current losses in cryptocurrencies.
Leading the list of losing cryptocurrencies was Bitcoin, which recorded a loss of 6.9% over the past 24 hours, with a weekly loss of 5.5%, trading today at $40,641. Its total market value dropped to $770.3 billion.
Ethereum, the second-largest cryptocurrency by market capitalization, also faced losses of 5.8% in recent hours, with a weekly loss of 5.4%, trading today at $2,892. Its market value fell to $345.7 billion.
Tether ranked third, with its price stabilizing at $1, while its total market capitalization declined to approximately $77.73 billion.
Binance Coin, ranking fourth among the largest cryptocurrencies by market capitalization, recorded a loss of 4.8% recently, with a weekly loss of 2%, trading today at $404.09. Its total market value dropped to $66.64 billion.
USD Coin ranked fifth, maintaining a price of $1, with its total market capitalization remaining stable at $52.58 billion.
