Cardano losses reach 10% this week
Most of the digital currencies declined during trading today, Friday, to record some significant losses during the current week
Many companies announced conflicting business results, especially in the technology sector, which suffers from inflationary pressures, prompting major companies such as Amazon.com, Mita, Twitter, Microsoft, and Alphabet to announce plans to lay off workers.
In remarks this week, Federal Reserve Chairman Jerome Powell confirmed that the jobs report was stronger than expected for January.
He reported that the message from the Monetary Policy Committee at last week’s meeting is that the slowdown in inflation has already begun, but there is still a long way to go.
In this regard, the head of the Federal Reserve believes that the US central bank may be forced to make more decisions to raise interest rates
In terms of trading, the price of Cardano fell at 21:15 GMT on the CoinMarketCap platform, by 1.9%, to $0.3618, and recorded losses this week by 10.2%.
Will the pressure on digital currencies continue?
Central banks’ decisions to raise interest mean withdrawing more liquidity from global markets to mitigate inflation, and then this puts pressure on asset values.