Bitcoin Price Sluggish Again, Erasing Profits During April 2023

Liputan6.com, Jakarta Bitcoin has fallen 5.2 percent since Monday, May 1, 2023, erasing the gains it made in April when it skyrocketed above USD 30,000 or the equivalent of IDR 440.1 million (assuming an exchange rate of IDR 14,672 per US dollar).

Reporting from Decrypt, Tuesday (2/5/2023), the largest cryptocurrency by market capitalization is currently trading at around USD 28,275 or equivalent to IDR 414.8 million, according to data from CoinGecko.

That means Bitcoin is down 8.7 percent from its April high of USD 30,979 or equivalent to IDR 454.5 million. Bitcoin at the time soared past USD 30,000 for the first time in 10 months on April 10. The current decline has wiped out those gains.

Overall, though, the coin has still done well so far this year, up more than 70 percent from early January.

So if you buy Bitcoin in early 2023, your investment is in very good condition. If you buy in November 2021, not too much profit will be made. Bitcoin, which has a market capitalization of USD 549 billion or equivalent to IDR 8,504 trillion, is still down 58.8 percent from its all-time high of USD 69,044 or equivalent to IDR 1 billion.

Bitcoin’s Great Performance Drivers of the Year

The crypto market, led by Bitcoin, has done well this year as investors continue to watch riskier assets in hopes of Federal Reserve Chair Jerome Powell slowing interest rate hikes following the banking crisis in the US, making volatile investments fair game again in the eyes of investors. traders and investors.

Experts also claim with a recession that seems imminent, investors have been flocking to safe investment assets like Bitcoin and gold.

This narrative is reinforced by the collapse of a number of banks in the United States. In March, regulators shut down Signature Bank, and tech-friendly Silicon Valley Bank went bankrupt the same week.

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.