The Crypto Market Flattened, What Caused It?

Liputan6.com, Jakarta The crypto market had corrected and moved flat since last weekend, after experiencing significant strengthening during the early to mid-week.

Tokocrypto external trader Fyqieh Fachrur revealed that this was the result of comments from The Fed member, Christopher Waller, calling for more interest rate hikes to bring inflation to the target.

“Waller’s comments sent US stock indexes and cryptocurrencies into the red on Friday, April 14, 2023 while the US dollar surged,” said Fyqieh in a daily market analysis received by Liputan6.com, Monday (17/4/2023).

Not only that, on Friday the crypto asset exchange, Bitrue experienced a case of hacking its hot wallet. Bitrue suffered a loss of USD 23 million or the equivalent of IDR 340.4 billion (assuming an exchange rate of IDR 14,800 per US dollar) in the form of ETH, QNT, GALA, SHIB, HOT and MATIC coins.

Bitrue has suspended withdrawals for all of its customers from April 14 to 18, 2023. The effects of this hacking case have made Bitrue customers and investors overall fearful of their crypto assets.

“Investors are afraid this could become an exit scam or go bankrupt like FTX. Hopefully cases like FTX will never happen again. Of course this is bad news for crypto market confidence. This is also what made BTC correct again and move sideways at the end of last week,” explained Fyqieh.

Quiet Sunday

Fyqieh said this week could be a quiet week. There were no major macroeconomic events. There is one, namely the Manufacturing Purchasing Managers Index (IMP), which will be released on Friday.

The PMI is important for looking at the overall business and economic conditions in the United States. The higher-than-expected PMI data may ease some concerns about recessionary pressures and high interest rate hikes.

“This can provide direction and make investors consider recent regulatory activity, US economic indicators, and the Fed’s comments,” concluded Fyqieh.

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.

Speculation of cryptocurrencies especially Bitcoin increased during the pandemic, with high volatility in value allowing people to get rich quick. But the threat of sudden poverty also exists. This has not dampened the interest of the business world and investors to participate in…