The Value of Cryptocurrencies Continue to Drop

On the first day of the week, it was reported that cryptocurrency prices continued to fall. The impact of Fed Chairman Jerome Powell's remarks last Thursday was said to have continued the downward trend. While the total market value of cryptocurrencies, which was 1 trillion 965 billion dollars before the said statements, decreased to 1 trillion 775 billion dollars, 190 billion dollars evaporated from the market. The statements of Fed Chairman Jerome Powell last Thursday had a negative impact on the cryptocurrency market. Bitcoin (BTC), which dropped from $ 43,000 to $ 39,338 in less than 1.5 months, has now reached a new low. Ethereum also dropped 4.5 percent to $2,804. The depreciation was 4.1 percent in Binance Coin, 6.5 percent in Solana, 8.5 percent in Ripple, 2.7 percent in Terra, 5.8 percent in Cardano, and 6.2 percent in Avalanche (AVAx). Pointing out that inflation is already very high and monetary policy is still supportive compared to the past, Powell, Chairman of the US Federal Reserve, stated that it is appropriate to act a little faster in tightening.