PETIK.NET - Since Friday, April 21, 2023, Bitcoin has fallen to around USD 28,000 or the equivalent of IDR 418.9 million (assuming an exchange rate of IDR 14,949 per US dollar). Apart from Bitcoin, other cryptocurrencies such as Ethereum have also experienced a decline.
The decline comes alongside broader concerns about liquidity and the direction of the US economy, as well as a US regulatory crackdown on cryptocurrencies.
Coinbase, the largest crypto exchange in the US, is even considering moving elsewhere.
Head of Asia at CPT Markets, Denys Peleshok, said that cryptocurrencies are facing pressure from potential weakness in the US and European economies as well as the prospect of higher interest rates.
Peleshok explained that the two economies could experience a slowdown in growth, which would contribute to a decline in investor sentiment and appetite for risk, especially among institutional investors.
On Thursday, the US Department of Labor reported higher-than-expected initial jobless claims the previous week, indicating that the economy is slowing.
Despite weak economic readings and growing fears of a recession, Cleveland Federal Reserve President Loretta Mester said Thursday she expects interest rates to move above 5 percent this year, but noted that monetary tightening is drawing to a close.
Currently, US interest rates hover between 4.75 and 5 percent, their highest since June 2006.
According to analysts at CME Group, the chances of the Fed leaving interest rates unchanged at its next meeting on May 3 are 17.9 percent, while 82.1 percent predict a 25 basis point increase, down from 83.3 percent.
Crypto Prices Saturday April 22, 2023
Meanwhile, on Saturday, April 22 2023, the price of the top cryptocurrencies was observed to be still moving in the red zone during trading. Bitcoin price is still experiencing correction.
Based on Coinmarketcap data, the largest market capitalization price of Bitcoin (BTC) fell 3.35 percent in the last 24 hours.
Over the past week, Bitcoin's price has fallen by 10.28 percent. Currently, the price of Bitcoin is at USD 27,305.84 or around IDR 407.69 million (assuming an exchange rate of IDR 14,931 per US dollar).
The price of Ethereum (ETH) is down 4.94 percent over the last 24 hours. Over the past week, the price of Ethereum has decreased by 12.12 percent. Now, the price of Ethereum is in the position of USD 1,847.36 or around IDR 27.57 million.
XRP price decreased by 5.38 percent over the last 24 hours. Currently, the price of XRP is at USD 0.4488. Over the past week, the price of XRP has fallen 14.30 percent.
Meanwhile, cardano prices (ADA) weakened 4.47 percent in the last 24 hours. In the past week, cardano prices have fallen 12.73 percent. Currently, the cardano price is at USD 0.3826.
In this regard, crypto market experts expect the decline in crypto prices to continue if concerns about the direction of the global economy and rising interest rates persist.
Therefore, investors are expected to consider and analyze carefully before buying and selling crypto.
In order to maximize profits and minimize risk, some strategies that can be adopted by crypto investors are to diversify their portfolios, follow the latest news regarding crypto market developments, and pay attention to factors that affect crypto prices such as adoption by financial institutions and government regulations.
In conclusion, the crypto market is currently experiencing a downturn due to concerns about the direction of the global economy and rising interest rates.
The prices of bitcoin, ethereum, XRP and cardano have fallen in the last 24 hours. As a crypto investor, it is advisable to consider the right strategy to maximize profits and minimize risks.