Jakarta, CNBC Indonesia – Bitcoin is becoming a trending topic on Twitter. This is because the price of this most popular cryptocurrency has plummeted at a cost to its investors.
On today’s trading (23/4/2021), at 15.39 WIB, the price of Bitcoin fell below US $ 50,000 per coin. To be precise, US $ 48,248 per coin. This is Bitcoin’s lowest value in the past week after setting an all-time high at the end of last week at the level of US $ 64,829.14.
In the last 24 hours, CoinDesk noted a decline in the price of Bitcoin, reaching US $ 5,098.07 per coin. This means that the losses suffered by investors overnight reached Rp.74 million per Bitcoin chip.
Last month the Bitcoin market value had reached US $ 1.1 trillion. Currently, the market value of Bitcoin is only US $ 900.73 billion. The return given by Bitcoin also shrank to 67.48% even though previously the return was above 100%. Well, investors who have entered Bitcoin in the last few weeks will certainly record huge losses.
Previously JPMorgan Chase & Co analyst Nikolaos Panigirtzoglou warned that if the price of Bitcoin did not return to the level of US $ 60,000 per coin or the equivalent of Rp. 870 million, it would be bad for investors of this popular crypto money. The momentum signal is about to collapse.
“Over the last few days the Bitcoin Futures market has experienced the same sharp liquidity as last mid-February, mid-January or late November,” said Nikolaos Panigirtzoglou, as quoted by Fortune.
“Momentum signals will naturally decline gradually from here over the next few months, given their high levels.”
JP Morgan noted, in the three previous examples, the push for an influx of funds was strong enough to allow Bitcoin to quickly break through new psychological price levels, providing momentum for traders and investors to take positions.
“Whether we see a repeat of the previous one remains to be seen,” he said.
However, the probability of it happening again is very low as momentum gradually decreases and it will be more difficult to reverse. JPMorgan also noted that the flow of funds to Bitcoin also looks weaker.
Keep in mind, Bitcoin and crypto assets are high risk investments. This investment can make an investor rich overnight, it can also make an investor poor overnight.
(roy/roy)
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