Crypto Market Corrected Due to Interest Rate Rise Concerns

Previously, Australia-based information services platform Finder said it had conducted a survey in April of 32 crypto industry specialists to see the prospects for Bitcoin prices in the next decade.

According to the average prediction for 2023, Bitcoin will reach a high of USD 42,225 or the equivalent of IDR 632 million (assuming an exchange rate of IDR 14,969 per US dollar). Meanwhile, the lowest level in 2023 is USD 17,026 or the equivalent of Rp. 254.8 million, and closes 2023 at the level of USD 35,485 or the equivalent of Rp. 531.1 million.

In the survey, the price of Bitcoin will be closely related to developments in the banking industry, according to the director of Digital Capital Management AU, Ben Ritchie.

“Upheavals in the banking industry can demonstrate Bitcoin’s ability to store value, offering alternative investment options free from government and central bank control,” he said, quoted from Yahoo Finance, Friday (21/4/2023)

Ritchie added, the downside is reduced liquidity and regulations that hinder access to banks for the crypto sector.

A lack of trust in the traditional banking system is seen as the biggest factor behind Bitcoin’s surge in March, which saw the collapse of three US banks and the takeover of Switzerland’s Credit Suisse, according to the survey.

Most survey respondents are optimistic about Bitcoin’s current trends, with 52 percent saying now is a good time to buy, 32 percent saying a good time to hold on, and 16 percent seeing a sell opportunity.

However, 72 percent of those questioned said the collapse of crypto-friendly banks in the US could hinder cryptocurrency adoption as US digital asset companies struggle to find bank partners.

Recent slowing economic indicators in the US have added to optimism the Fed may soon end its year-long cycle of rate hikes to curb inflation.