KOMPAS.com – Price cryptocurrency or cryptocurrency is falling sharply. As of Friday (21/1/2022), a number of cryptocurrency whose prices have been observed to fall, among others Bitcoin, Ethereum, Binance Coin, Dogecoin.
Bitcoin which is crypto- with the largest capitalization even the price has been corrected to touch the level below 40,000 US dollars per chip.
As reported Kompas.com (21/1/2022) citing data on the CoinDesk site, the decline in various crypto assets today ranged from 7 to 10 percent.
Drop in price cryptocurrency today also finally caused the global cryptocurrency market cap to evaporate.
Also read: Bitcoin, Ethereum, et al Prices Drop Again
At least the crypto market capitalization fell in the last 24, down 7 percent to 1.94 trillion US dollars (Rp 27.847 trillion), as compiled from the CoinGecko website.
For Bitcoin, on Friday (21/1/2022) early in the morning Indonesian time, the price was still above US$43,000 or around Rp. 617 million.
But at noon on the same day, the price of Bitcoin had fallen by 7.7 percent to the price of 38,737 US dollars, or around Rp. 556 million per chip. This figure is the lowest for Bitcoin in the past month.
Not only Bitcoin, a number of other popular crypto assets such as Ethereum and Binance also experienced a decline on the same day. Ethereum fell as much as 9 percent so that it was trading at a price of 2,800 US dollars (around Rp. 40 million) per chip.
The day before, the crypto with the transaction code ETH was still traded at a price of more than US$3,200 or around Rp. 46 million.
Meanwhile, the price of Binance Coin was also observed to decline by 10.3 percent. On Friday (21/1/2022), Binance Coin was traded at the level of 425 US dollars or around Rp. 3.5 million per chip.
Also read: Crypto Asset Prices Fall, Bitcoin Drops Below 40,000 US Dollars
Not to forget the crypto currency that is often “promoted” by the richest man in the world, Elon Musk, namely Dogecoin, which also fell by 7.66 percent to a level of around 0.15 US dollars (around Rp. 2000’s) on the same day.
In addition to the four cryptocurrencies above, other crypto assets that were monitored also experienced a decline, namely XRP, Shiba Inu, Polkadot, Cardano, Polygon, and many others.
According to GlobalBlock analyst Marcus Sotiriou, the fall in the price of crypto assets was caused by investor response to the plan of the American Central Bank, The Fed, to raise its benchmark interest rate this year.
“I think the main reason for the current state of the crypto market is that the market is being intimidated by a Fed rate hike this year,” said Marcus Sotiriou, quoted by Forbes, Friday.
In addition, another factor that is allegedly contributing to the decline in crypto prices is the discourse of prohibiting the use and mining of cryptocurrencies in Russia.
As is known, the discourse was proposed by the Central Bank of Russia, arguing that cryptocurrencies could threaten financial stability, citizens’ welfare, and the sovereignty of monetary policy.
Bitcoin is the first cryptocurrency to have the largest capitalization value-
Meanwhile according to media outlet reports LiveMint, the decline in cryptocurrencies such as Bitcoin, Ethereum, et al today was allegedly due to negative sentiment from global investors regarding the policies that will be applied to cryptocurrencies in the future.
This policy emerged driven by the skepticism of some parties to the growth of digital assets around the world.
According to the latest report, cryptocurrency transactions will be the main focus of the US Securities Exchange Commission (SEC) regarding digital assets in 2022.
Also read: Bitcoin Price Drops, World Crypto Market Loss Up to IDR 14,329 Trillion
Regarding the ban on crypto mining, China had already done so before the discourse was rolled out in Russia. This policy was carried out by the Chinese government with the aim of achieving the carbon neutrality mission by 2060.
The Chinese government is known to have closed crypto mines, banned all crypto transactions, and imposed penalties in the form of increasing the price of electricity for any state-owned institution caught abusing the subsidized electricity it received for crypto mining.
(Source: Kompas.com/Galuh Putri Riyanto, Rully R. Ramli | Editors: Yudha Pratomo, Erlangga Djumena)
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