Jakarta, CNBC Indonesia – The crypto market has been in a lot of shocks since last week. One of the crypto assets that had become an idol, Terra Luna was destroyed, its value almost reached zero!. The same thing happened to the stablecoin, TerraUSD, whose value was pegged at US $ 1 instead fell to close to zero.
Data from Coin Market Cap shows that Terra Luna is priced at US$ 0.0001112/coin on trading Saturday (21/5/20220 at 12:17 WIB. Whereas on April 5, the price of Terra Luna reached US$ 119.18/coin, which is a record). the highest of all time. Now, the value has fallen 100%.
TerraUSD also had the same fate, from being pegged at US$ 1/coin, its value is now only US$ 0.0565/coin.
The collapse of the two assets caused the crypto market to crash, even dragging bitcoin. This cryptocurrency with a market capitalization touched US$ 26,350/coin on Thursday (12/5/2022), just when the prices of Terra Luna and TerraUSD were shattered.
In today’s trading, bitcoin is in the range of US$ 29,200/koin, meaning that it was able to rise from the drop in prices last week. Even so, in the next few weeks bitcoin is predicted to crash again, even its value could drop by up to 40%. This is because the current pattern of movement is said to be similar to when it fell in November 2018.
Forbes reported at that time that bitcoin prices had consolidated for most of the year after previously dropping from an all-time high at the time to just under $20,000/coin.
On November 12 2018, bitcoin ended its almost 1 year consolidation period, breaking below US$ 6,000/coin, until finally touching US$ 3,500/coin.
The same movement is happening today, bitcoin previously touched an all-time high above US$ 68,000/coin in November 2021, after which it fell and consolidated in the range of US$ 30,000 – US$ 48,000/coin since late January, although several times. was under US$ 30,000/coin.
Therefore, according to Forbes, if history repeats itself, there is a big risk that bitcoin will fall by another 40%.
CNBC INDONESIA RESEARCH TEAM
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