Jakarta, Duniafintech.com – Today’s Bitcoin news covers the price action of the cryptocurrency with the largest market cap that has fallen recently.
Bitcoin, or Bitcoin, has shrunk to a level below 300 million rupees. This price is the lowest point over the past three months.
Then will the price of BTC rise again like early last year? Let’s take a look at today’s Bitcoin news review.
Below IDR 300 Million, Bitcoin Price Drops – Bitcoin News Today
Bitcoin price dropped to its lowest level in three months on Monday 19th September 2022 yesterday.
This is because investors are staying away from riskier assets amid expectations of higher interest rates.
The world’s largest cryptocurrency BTC fell about 5 percent to reach an intraday low of around $18,276, its lowest since June 19, according to a Coin Metrics report. However, on Tuesday morning (20/9/2022), Bitcoin seemed to be getting stronger and was above $19,000.
Read also: Bitcoin News Today: Still Slow, BTC Holds Below IDR 300 Million
The price of Bitcoin fell 3.77 percent through September 2022 and was the second negative month in a row after dropping 15 percent in August.
Ethereum then also fell 5 percent to $1,281 each on Monday, hitting its lowest level since July 15. Ethereum stock is down 13.8 percent this month, on track to post its worst month since June.
Cryptocurrencies under pressure
release Liputan6.comThis digital currency asset is under significant pressure as the Federal Reserve is expected to stick to its strict tightening schedule.
It is widely expected that the central bank will agree to raise the interest rate for the third time in a row by 0.75 percentage points which will raise the benchmark rate to a range of 3 per cent to 3.25 per cent.
Bitcoin chief revenue officer and co-founder Chris Kline said the decline was exacerbated by the sell-off.
“Retail investors are taking a long-term view of bitcoin while institutional investors are dealing with digital assets like technology stocks and adopting a short-term mindset that contributes to the sell-off we are seeing,” Klein said. CNBCOn Tuesday (20/9/2022).
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According to Julio Moreno, chief analyst at blockchain analytics firm CryptoQuant, institutional “whales,” miners, or a large number of bitcoin holders, who typically have more than 1,000 bitcoins in their wallets, have been hedging macros and selling their coins since June.
“This is evidenced by the increasing number of coins being sent to exchanges and dumped on retail investors, who believe that Bitcoin is finding its bottom at this level, even though there is already a step forward,” Moreno said.
Bitcoin Price Action Cs – Bitcoin News Today
On the other hand, the price of Bitcoin and other cryptocurrencies is observed to have a uniform movement on Tuesday 20th September 2022.
Most of the big cap cryptocurrencies are back in the green, after correcting briefly the day before.
Based on data from Queen Market CapTuesday (20/9/2022), the cryptocurrency with the largest market capitalization, Bitcoin slightly increased 0.69 percent in the past 24 hours, but it is still down by 12.58 percent this week.
Currently, the price of bitcoin is $19,530 per coin or the equivalent of 292.6 million rupees assuming an exchange rate of 14,985 rupees per US dollar.
Then Ethereum (ETH) also recovered this morning. ETH has gained 3.39 percent in the past 24 hours, but is still down 19.47 percent on the week. In this way, the ETH level is currently at $1,380 per coin.
The next cryptocurrency, Binance Coin (BNB), was also boosted. In the last 24 hours, the BNB exchange rate increased by 1.27 percent. But BNB is still correcting 7.81 percent on the week. This brings the price of BNB to $269.65 per coin.
Then Cardano shot, too. On the last day, ADA rose 1.22 percent, but lost 10.64 percent over the course of the week. Thus, the price of ADA is 0.4532 USD per coin.
Cryptocurrency Solana (SOL) is once again floating in the green. Over the last day, SOL flew 5.39 percent, but it’s still down 12.21 percent for the week. Currently, SOL is priced at $32.81 per coin.
Moreover, XRP is still strengthening since yesterday. XRP is up 2.54 percent in the past 24 hours and 7.07 percent in the week. In this way, the price of XRP is now $0.3832 per coin.
Then Stablecoin Tether (USDT) and USD Coin (USDC), both weakening by 0.01% today. This makes the price of both remain at the level of 1.00 USD.
Meanwhile, the cryptocurrency Binance in US Dollars (BUSD) is down 0.04 percent in the past 24 hours, bringing the price down slightly to $0.9998.
As for the total market capitalization of cryptocurrencies within 24 hours, it strengthened slightly to the level of $943.7 billion, from the previous level of $933.8 billion.
This is today’s bitcoin news review. We hope this information is useful to you.
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Author: Contributor / Shuhada Banji A