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There is good news for you crypto lovers, you must be happy

Jakarta, CNBC Indonesia – Quite encouraging news comes from the crypto market, where at the end of last week, the majority price cryptocurrency traded in the green zone.

Launch data from CoinMarketCap as of Sunday (30/1/2022) at 13:20 WIB, only Tether, BNB and Terra are traded in the red zone. The rest, managed to perch in the green zone at noon today.

Bitcoin rose 1.15% to a price level of US$ 38,143.24/coin or equivalent to Rp. 548,629,478/koin (assuming an exchange rate of Rp. 14,383/US$), Ethereum rose 2.7% to a level of US$ 2,606.15/coin or Rp. 37,485,298/coin, and Cardano increased by 1.79% to US$ 1.07/coin (Rp 15,390.24/coin).

The following is the movement of the top 10 cryptocurrencies based on their market capitalization last Sunday.

Bitcoin tends to stay around the level of US$ 37,000 and several other cryptocurrencies have also started to stabilize and strengthen after the previous few days tending to fluctuate amid global stock market volatility.

Analysts are also looking for signs of a possible reversal (rebound) in the equity market, which can encourage investors to buy crypto again, especially since the crypto market is now at a low level, so traders who want to take positions at low prices (buy on dip) tends to be large.

So far, several trader seems to still tend to be a dilemma between choosing the stock market or crypto, because both are also at low levels.

However, risk assets still have the potential to be corrected, because investors tend to be indecisive because they are still faced with concerns about tightening monetary policy of the United States (US) central bank or the Federal Reserve (The Fed) and tensions between Russia and Ukraine.

“Investors are still likely to withdraw from the US stock market amid the Fed’s expected tightening of monetary policy,” said Alex Kuptsikevich, analyst at FxPro. CoinDesk.

“If the selling continues, more investors will reduce their positions in risk assets, and cryptocurrencies may be hit first,” Kuptsikevich added.

Furthermore, given that macroeconomic headwinds persist, some analysts are also concerned about crypto winter future, similar to what happened in 2017-2018.

However, it seems crypto winter It’s here, marked by Bitcoin’s nearly 40% drop from its all-time high of around $69,000 that was printed in November 2021.

However, some analysts say that the correction in crypto markets is likely to end, at least in early February.

Edward Moya, senior market analyst at OANDA said that the correction in cryptocurrency terminates when certain conditions are met. The conditions are that Bitcoin movement can be stable in the range of US$ 40,000 to US$ 50,000 levels and the recovery of several alternative cryptocurrencies (altcoin) main.

“The crypto market will recover if the Bitcoin movement can stabilize in the US $ 40,000-US $ 50,000 range and the resurgence of some altcoin,” said Moya, quoted from CoinDesk, Thursday (27/1/2022).

CNBC INDONESIA RESEARCH TEAM

[Gambas:Video CNBC]

(chd / chd)



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