Bitcoin is Sluggish Again, Price Drops Below IDR 445.5 Million

Liputan6.com, Jakarta Cryptocurrencies fell again on Monday, April 17, 2023 evening as investors refocused on upcoming bank earnings and recession fears.

Bitcoin fell more than 3.3 percent to USD 29,478 or the equivalent of IDR 437.7 million (assuming an exchange rate of IDR 14,850 per US dollar), according to Coin Metrics data. Bitcoin again fell below the key USD 30,000 level reached last week for the first time since June.

Meanwhile, ether fell lower than bitcoin, namely by 2.4 percent but maintained the USD 2,000 level or equivalent to Rp. 29.70 million that it managed to break last week.

The cryptocurrency is coming off a winning week in which price gains were fueled by optimism around Ethereum’s latest technological upgrade, nicknamed “Shapella” (also known as Shanghai).

The update is intended to bring greater liquidity to the Ethereum network by allowing locked ether to be withdrawn and ultimately attract more institutional interest in the long term. Bitcoin and ether are up 8 percent and 12 percent, respectively, during the week.

This week, it was not surprising to see a bit of a price correction, according to Yuya Hasegawa, crypto market analyst at Japanese bitcoin exchange Bitbank, there could be some selling pressure as some investors may want to take profits from the previous week.

While cryptocurrencies rose, the US stock market on Friday showed a volatile move as stronger-than-expected consumer sentiment and Fed Waller’s speech raised the prospect of another rate hike in May.

“Nevertheless, the Fed Funds futures market has priced more than an 80 percent chance of a 25 basis point upside in May, so pressure from macro factors on bitcoin price is expected to be limited,” Hasegawa said. ).

Crypto investors are currently watching bank earnings this week for further insight into the health of the sector and the likelihood of an impending recession. Several Fed officials are scheduled to speak this week as well.

“For this week, any potential downside should not be severe or keep bitcoin from continuing its upward trend,” Hasegawa concluded.

Disclaimer: Every investment decision is in the hands of the reader. Study and analyze before buying and selling Crypto. Liputan6.com is not responsible for profits and losses arising from investment decisions.

Bitcoin is considered the most lucrative investment in the future. But the level of uncontrolled fluctuations makes bitcoin a high risk. On the other hand, its anonymous ownership makes bitcoin vulnerable to being used for transactions related to crime…