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cryptocurrencies continue to fall in price

Navigasi - The crypto asset market looks gloomy this morning, Monday (9/5/2022). Launching Coinmarketcap this morning 9 of the 10 largest market cap crypto assets moved in the red in the last 24 hours. The value of the weakest cryptocurrency is Terra (LUNA), which sank 6.7 percent at the level of US$64.23, which is equivalent to Rp. 930,000 (Rp. 14,480 per US dollar).

cryptocurrencies continue to fall in price
cryptocurrencies continue to fall in price


The weakening was continued by Solana (SOL) at the level of 75.57 US dollars, or plunged 4.27 percent, and Ethereum (ETH) at the level of 2,533 US dollars, or corrected 3.66 percent. Bitcoin (BTC) also fell 3.3 percent at the position of 34,222 US dollars or Rp. 495 million. Furthermore, Polkadot (DOT) which weakened 2.85 percent at the price of 13.39 US dollars, and the Binance Exchange (BNB) which also fell 2.7 percent at 356.21 US dollars.

Then Cardano (ADA) fell 2.34 percent at the level of 0.74 US dollars. Likewise, crypto asset with the dog logo Dogecoin (DOGE) which weakened 1.72 percent at the level of 0.12 US dollars.

This morning Tether (USDT) and USD Coin (USDC) were each at the level of 0.9 US dollars, of which USDT was down 0.01 percent, while USDC was up 0.001 percent. For information, USDT and USDC are crypto currencies of the stable coin class or types of cryptocurrencies created to offer stable prices against the US dollar.

Citing CNBC, bitcoin continues to slide after a busy sell-off in US stocks at the end of last week. This pushed the crypto asset market down, and pushed Bitcoin down by up to 10 percent.

As the world's largest digital currency by market value, Bitcoin was down more than 3 percent at 34,582.36 on Sunday. This year, Bitcoin has been trading in a narrow range as it tries to return to its highs in late 2021.

“Crypto assets (such as Bitcoin) are now down 50 percent from their peak price of $67,802.30 in November 2021,” citing CNBC.

This decline came after blue-chip stocks such as the Dow Jones Industrial Average (DJIA) lost more than 1,000 points on Thursday and the Nasdaq plunged 5 percent, which continued with losses in late trading Friday last week.

For information, market movements that tend to be volatile are driven by the sentiment of the announcement of the Fed's interest rate hike last week by 50 basis points to suppress inflation. The stock market on Wall Street had rallied at that time, but the following day the US stock market fell sharply. The global crypto asset market cap stood at $1.68 trillion on Sunday, with a trading volume of $119 billion.

Disclaimer: This article is not meant to buy or sell cryptocurrencies. Kompas.com is not responsible for any resulting profits or losses. Investment decisions are in the hands of investors. Study carefully before buying/selling cryptocurrencies.