Forex and commodities – Losses in cryptocurrencies – Economy

The euro remained above the $ 1.16 mark on Wednesday. The common currency was quoted little changed in the evening at $ 1.1602.

In contrast, cryptocurrencies such as Bitcoin came under considerable pressure mid-week. Bitcoin, which remains the largest crypto investment in the market, fell about seven percent to $ 58,100. The internet’s second largest currency, Ether, also fell 6.4% to $ 3,990. About a week ago, the price of Bitcoin hit an all-time high of nearly $ 67,000. The background was the initial approval of an exchange-traded index fund (ETF) on Bitcoin futures in the United States. Crypto connoisseurs had touted the event as a further step towards greater acceptance. On Wednesday, however, the rather grim stock market sentiment weighed on other riskier asset classes, which include digital currencies due to their mostly high price swings.

The rally in oil prices came to a standstill in the commodities market. Craig Erlam, market analyst at the Oanda brokerage house, spoke of healthy profit taking. Due to the persistent excess in demand, experts see the price of oil in the coming weeks at $ 90 to $ 100. On Wednesday, however, the North Sea Brent variety fell 2.5% to $ 84.24 per barrel (159 liters). The American variety WTI was three percent lower. In the coming week, the Opec + oil network will decide on its short-term production policy. There is currently no indication that the 23 producing countries deviate from their previous line. Since the summer, they have increased their production by 400,000 barrels per month. Experts consider the expansion too small given the global energy shortage. The price of gas also fell in Europe and fell 4.4% to 84.60 euros per megawatt hour.

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