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Bitcoin Price Weakens While Ethereum Price Continues to Strengthen

Navigasi - The price of Bitcoin and other top cryptocurrencies was observed to experience mixed movements on Monday, July 18, 2022 trading. Several cryptocurrencies that had previously strengthened must now weaken again.

Bitcoin Price Weakens While Ethereum Price Continues to Strengthen
Bitcoin Price Weakens While Ethereum Price Continues to Strengthen

Based on data from Coinmarketcap, Monday (7/18/2022) morning, the crypto with the largest market capitalization, Bitcoin (BTC) fell 0.88 percent in 24 hours, but is still up 0.78 percent a week.

Currently, the bitcoin price is at the level of USD 21,005 per coin or equivalent to Rp. 314.9 million (assuming an exchange rate of Rp. 14,996 per US dollar).

Ethereum (ETH) is still holding in the green this morning. Over the past 24 hours, ETH was up 1.01 percent and 16.65 percent in the week. That way, ETH is currently at the level of USD 1,359 per coin.

The next cryptocurrency, Binance coin (BNB) is still strengthening today. In the last 24 hours BNB edged up 0.02 percent and 7.03 percent a week. This makes BNB priced at USD 249.53 per coin.

Then Cardano (ADA) this morning also weakened. In the last one day ADA weakened 1.69 percent and 3.11 percent a week. Thus, ADA is at USD 0.4482 per coin.

Meanwhile, Solana (SOL) must be corrected today. Throughout the last one day SOL fell 0.81. But still up 6.41 percent for the week. Currently, the price of SOL is at the level of USD 39.14 per coin.

XRP unfortunately had to return to the red zone after having strengthened yesterday. XRP is down 1.23 percent in the last 24 hours, but is still up 7.63 percent in the week. That way, XRP is now priced at USD 0.3483 per coin.

Stablecoin Tether (USDT) and USD coin (USDC), both strengthened 0.01 percent today. This makes USDT at the level of USD 0.9997 and USDC valued at USD 1.00.

While Binance USD (BUSD) weakened 0.23 percent in the last 24 hours, which made the price drop slightly to the level of USD 9988

As for the overall crypto market capitalization in the last 24 hours, it had to weaken again at the level of USD 960.9 billion from the previous level of USD 964.5 billion.

Previously, towards the weekend, the crypto market situation made investors' hearts happy. Because overall a number of crypto assets, especially those with large capitalization or big caps, are optimistically moving into the green zone on Friday, July 15, 2022 trading at 12.00 WIB.

Launching CoinMarketCap, the value of Bitcoin is at the price of USD 20,526 or jumped 1.31 percent in the last day. The value of Ethereum (ETH) also rose 7.31 percent to USD 1,195 at the same time.

While other altcoins have also not skyrocketed, such as XRP, Solana (SOL), Dogecoin (DOGE) and Cardano (ADA) prices jumped 6.59 percent, 6.89 percent, 1.23 percent and 1.30 percent respectively in 24 last hour.

So what causes the crypto market to fluctuate positively?

Tokocrypto trader, Afid Sugiono said, the brief rally that occurred in crypto market trading was caused by positive sentiment from the latest comments from officials of the United States (US) central bank or the Federal Reserve (The Fed).

A number of Fed officials said the monetary authority would likely not raise its benchmark interest rate by 100 basis points because US inflation touched its highest level in 41 years.

"Yesterday, a number of Fed officials denied that they would raise the benchmark interest rate up to 100 bps, but leaned towards 75 bps at the upcoming meeting. This news seems to be welcomed by investors so that the value of crypto assets is still successful in maintaining its performance, "Afid said, quoted from a written statement, Friday. , July 15, 2022.

Many investors are excited to return to transactions in the crypto market, even though the current situation in the stock market is sluggish. However, this brief rally only lasted temporarily because it had not been supported by strong accumulation actions from market participants.

Based on CoinMarketCap data, the market cap value of crypto assets has not yet penetrated USD 1 trillion and daily trading volume on crypto exchanges has fallen by 5.14 percent in the past day. It seems that investors are still worried about high inflation and the threat of a recession in the short term.

Meanwhile, Bitcoin moves now expect the Fed to raise interest rates by another 75 basis points later this month, which could further impact prices.

Bitcoin price movement will be in the price range of USD 20,317 and still has the potential to rise to the price level of US $ 21,127. However, if the Bitcoin price corrects again, it may go down and retest support at USD 19,772.

There are at least three factors that can make the crypto market movement depressed again. Because there has been an anomaly in which the value of crypto assets is still holding up even though US inflation data touched its highest level in 41 years in June.

Looking at historical data, the value of crypto assets usually falls immediately after the release of the data. This is because market participants always link the results of inflation data with the monetary plan that will be taken by the US central bank, the Fed.

Therefore, the first factor is that if the Fed responds to inflation by increasing its benchmark interest rate extra fast, then investor appetite will slowly fade. The impact will put negative pressure on prices for risk assets, from stocks to Bitcoin.

Furthermore, news came from the crypto lending and borrowing platform, Celsius, which was preparing bankruptcy documents. According to documents filed with the New York Administrative Court, Celsius has assets of USD 4.3 billion and liabilities of USD 5.5 billion, so the company has a balance sheet deficit of USD 1.2 billion.

In addition, another factor is the development of the Mt Gox case which currently has 142,000 Bitcoins ready to be sold in order to compensate victims. While this may sound like positive news, these damages can create huge selling pressure in the crypto market, especially for Bitcoin.