Connect with us

Published

on

Follow Us

Follow Us @

Bitcoin Price Slides Below IDR 398.5 Million, First Time Since March 2023

Liputan6.com, Jakarta The largest cryptocurrency by market cap, Bitcoin was recently trading at around USD 26,950 or the equivalent of IDR 397.8 million (assuming exchange rate of IDR 14,761 per US dollar), down more than 3 percent in the last 24 hours.

Bitcoin had fallen below USD 27,000 on Wednesday for the first time since March 2023. The collapse of the banking sector in the US failed to trigger the price spikes that have occurred in recent weeks amid the failures of many US banks.

Advertisement

Analyst explanation

Managing director of Emurgo Fintech, Cardano blockchain founding entity Vineeth Bhuvanagiri said investors remain concerned about low liquidity, which is why apparently small sales tend to have a big impact on prices.

Later, Oanda senior market analyst for foreign exchange Edward Moya said the outflow of deposits at PacWest Bancorp (PACW) that sent the Los Angeles-based bank’s share price down 22 percent on Thursday had not spurred “the strong demand for crypto it is currently.”

YOU MAY HAVE MISSED:
Online crime is on the rise: this is how you protect yourself

“Consequences of banking contagion are still low as some banks such as Western Alliance are showing increasing deposits,” said Moya, quoted from CoinDesk, Friday (12/5/2023).

Advertisement

Ethereum (ETH), the second-largest cryptocurrency by market cap, followed a similar trend, dropping more than 3.5 percent to around USD 1,788 on Thursday. ETH fell below USD 1,800 or equivalent to IDR 26.5 million for the first time since late April,

Meanwhile, the CoinDesk Market Index (CMI), which measures the performance of the crypto market as a whole, showed a decline of 3.7 percent.

Bitcoin Price Slides Below IDR 398.5 Million, First Time Since March 2023

Follow TODAYSGIST on Google News  and receive alerts for the main trending news on cryptocurrency, market trends, upcoming events, predictions, sanctions and lots more!

Advertisement

SHARE POST AND EARN REWARDS:

Did you like this post?!!! Join our Audience reward campaign and make money reading articles, shares, likes and comment >> Join reward Program

FIRST TIME REACTIONS:

Be the first to leave us a comment, down the comment section. click allow to follow this topic and get firsthand daily updates.

JOIN US ON OUR SOCIAL MEDIA: << FACEBOOK >> | << WHATSAPP >> | << TELEGRAM >> | << TWITTER >

#Bitcoin #Price #Slides #IDR #Million #Time #March
Advertisement
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending