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Some Signs of a Crypto Crisis Are Increasingly Obvious

Navigasi - The crypto industry is not doing well. How could it not be, signs of the presence of a crypto crisis are starting to appear.

Some Signs of a Crypto Crisis Are Increasingly Obvious
Some Signs of a Crypto Crisis Are Increasingly Obvious

Among other signs, this is the bankruptcy of one of the largest crypto exchanges in the world, FTX. The bankruptcy of the crypto exchange based in the Bahamas made the wealth of owner Sam Bankman-Fried instantly evaporate.

The bankruptcy of the FTX exchange is predicted to have a further impact. Bitcoin is predicted to fall.

Then, the Central Bank has been shrinking its balance sheet since June by removing money from financial markets to cool the market. This step was taken to fight inflation. This condition means that capital is drying up, and that is not only bad for cryptocurrencies but also other assets such as stocks.

JP Morgan analysts say Fed policy will pose a major drag on the availability of cash for investment well into next year. "Overall, the slowdown in global money growth looks set to continue in the year ahead, with some cntraction likely in the US," JPMorgan strategist Nikolaos Panigirtzoglou wrote in a note.

Quoted from Coin Market Cap data, the price of bitcoin fell very deeply. Bitcoin broke a record on November 10, 2021. At that time, the value of bitcoin reached US $ 68,789.63 or around IDR 1.06 billion (assuming an exchange rate of IDR 15,500).

With that price, it can be said that by having 1 bitcoin you can buy a Mitsubishi New Pajero Sport Dakar Ultimate 4x4 class car which costs IDR 720 million in online stores. Likewise with the Toyota New Fortuner VRZ 4x4 DSL GR Sport 2.8 which costs IDR 715 million. In fact, if the bitcoins were melted down at that time, there would still be Rp. 200 million more left.

But who would have thought, within a year the value of bitcoin dropped sharply. When compared to record highs, the decline in bitcoin reached 75.63%.

Bitcoin is now priced at US$ 16,720.83 or around Rp. 259.16 million assuming the same exchange rate. That way, you can feel the decline in the price of bitcoin.

If in the past it could be used to buy a car of the same class, the New Pajero or New Fortuner now can't. However, 1 bitcoin can still be used to buy a car with a class far below it.