Jakarta, CNBC Indonesia –The cryptocurrency market is again hit by concerns. US (US) jobs data, still solid in September, could make cryptocurrency performance even more lame.
The cryptocurrency market weakened this week as a result of uncertainty in global markets and the slump in the performance of US equity markets. Start data fromCapitalization of the coin market At 2:28 pm WIB, Bitcoin slipped 2.08% in one day to a price level of US $ 19,518.16 / coin or equivalent to Rp. 297,651,940 / coin.
The assumption of the exchange rate used is the position of the rupee at the close of trading on Friday last week, where 1 USD is 15,250 Rp / US $).
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Ethereum also showed disappointing performance. The price fell 1.84% to the position of 1,330.10 USD / coin or 20,284,025 Rp / coin.
BNB also recorded a 1.21% drop in one day to a position of USD 281.55 per coin or Rp 4,293.637 / coin. Solana and Dogecoin fell by 1.14% and 1.4% respectively.
Of the 10 largest market cap owners in the Crypto market, only XRP is the brightest. XRP rose 6.4% per day to USD 0.52 / coin or 7,943 Rp / coin. Meanwhile, Tether was up 0.04% to USD 1 or Rp 15,250 / coin.
The three major US exchanges have been on fire since Wednesday. In the last trading, Friday (7/10/2022), the index D.ow The Jones Industrial Average plunged 2.1%, the S&P 500 plummeted 2.8% while the Nasdaq plummeted 3.8%.
As you know, the US stock market fell after the release of US employment data. The United States Bureau of Labor Statistics announced that there was an increase in the number of workers by 263,000 in September. This number is in fact much less than 315,000 in August. However, the unemployment rate fell to 3.5% in September 2022 from 3.7% in August.
Although the addition of workers is pending, the figure is still quite solid. With data still solid, the market is also expecting that policy falcon The US central bank The Federal Reserve (the Fed) will last a long time. US stocks also fell this week due to OPEC + ‘s decision to cut crude oil production.
“With current employment data, the Fed is unlikely to change policy. This will add pressure to the cryptocurrency market,” said Yung-Yu Ma, an analyst at BMO Wealth Management. CNBC International.
Co-founder Solana Anatoly Yakovenko states the policy falcon The Fed is likely to last 12-18 months.
“Looking at macro developments, I expect the Fed will see a brutal Fed rate hike in 12-18 months. However, it will all end. After this is all over, many (crypto) teams will focus on creating new products. could be successful, “Yakovenko said, as quoted by decrypt.co.
RESEARCH TEAM OF CNBC INDONESIA
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