A strong rise in cryptocurrency

The markets have recently witnessed a number of turbulence that affected the risk appetite of investors, by the negative data such as the recent inflation and unemployment data, in addition to the cautious anticipation of the upcoming Federal Reserve meeting with expectations of raising interest rates by 100 points, which was reflected on The digital currency market is witnessing a number of fluctuations as well.

Although Bitcoin lost about 3.82% of its value during the past week, it rebounded today to recover part of its losses, reaching the level of $ 20,839, an increase of 5.49%. While Ethereum was one of the largest currencies ascending during the day, to compensate for most of its losses during the past days and reach the level of $ 1215, an increase of 12.16%.

Binance Coin also rose by 3.71% to reach the level of $237.60 after losing nearly 0.53% of its value during the past week.

JPMorgan analysts estimate that the cost of producing bitcoin has fallen to around $13,000, which could mean more negative price movement.

The investment bank estimated that the average cost of producing bitcoin was $20,000 at the beginning of June, and that has dropped to $15,000 by the end of the month and $13,000 as of Wednesday. Analysts attributed the decline to the decline in electricity use.