Pictured: Pedestrians walk past an advertisement displaying Bitcoin cryptocurrency tokens in Hong Kong, Tuesday (15/2/2022). (Photo by Anthony Kwan/Getty Images)
Jakarta, CNBC Indonesia – The crypto market is going through a very tough period this week. Shock after shock in the United States (US) financial market has eroded the value of the crypto market by US $ 70 billion or the equivalent of Rp 1.081,2 more in the last 24 hours.
The shock to the crypto market started with a statement hawkish. Chairman bank sentral AS The Federal Reserve (The Fed) Jerome Powell.
In his testimony before the US senate on Tuesday and Wednesday this week (7-8/3/203), Powell emphasized the Fed’s commitment to fighting inflation.
He even said that the Fed would not hesitate to raise interest rates higher for a longer period to suppress ‘stubborn’ inflation.
The stock market to crypto was immediately battered. High interest rates will put additional pressure on the value of crypto assets due to the increased burden on companies issuing crypto.
CNBC INDONESIA RESEARCH
