Crypto Price Today 23 July 2022: Bitcoin and Ethereum Compact Weak

money.nikaniku.com – Crypto Price Today 23 July 2022: Bitcoin and Ethereum Compact Weak

The price of bitcoin and other top cryptocurrencies moved in the red on Saturday morning trade, July 23, 2022. Most of the top cryptocurrencies were lower.

Based on data from Coinmarketcap, Saturday (23/7/2022), the crypto with the largest market capitalization, bitcoin (BTC) has fallen 2.01 percent in the last 24 hours. However, during the week, the price of bitcoin jumped 10.05 percent. Currently, the bitcoin price is in the position of USD 22,774.12 or around Rp. 341.12 million (assuming an exchange rate of Rp. 14,978 per US dollar).

Likewise, the price of ethereum (ETH) is in the red zone. The price of ethereum has lost 2.59 percent in the last 24 hours. In a week, the price of ethereum soared 27.13 percent. Now the price of ethereum is in the position of USD 1,544.25 or around Rp. 23.12 million.

Then the next crypto, binance coin (BNB) edged down 0.30 percent in the last 24 hours. During the week, BNB prices shot up 11.80 percent. Currently, the price of BNB is in the position of USD 265.18 or around Rp. 3.96 million.

Furthermore, the price of cardano (ADA) is also in the red zone. ADA prices are down 2.66 percent in the last 24 hours. In a week, the price of ADA rose 11.63 percent. Now, the price of ADA is at USD 0.4883.

Solana prices have also been sluggish in the last 24 hours. The price of solana (SOL) decreased 5.25 percent. During the week, the price of solana rose 10.88 percent. Currently, the price of solana is in the range of USD 40.97.

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Likewise the price of XRP which is moving in the red zone. Over the past 24 hours, the price of XRP has slipped 2.61 percent. In a week, the price of XRP increased 7.7 percent. Now, the price of XRP is in the position of USD 03585.

The price of dogecoin (DOGE) is also lackluster. The price of dogecoin shrank 3.41 percent in the last 24 hours. Dogecoin price soared 8.55 percent. Currently, the price of dogecoin is at USD 0.068.

Stablecoins like tether (USDT) have been in the green in the last 24 hours. During the week, USDT prices rose 0.03 percent. Now, the price of tether is in the position of USD 1.00.

Meanwhile, the price of USD Coin (USDC) added 0.03 percent in the last 24 hours. Likewise during the week, the price of USDC rose 0.03 percent.

Currently, the price of USDC is in the position of USD 1.00. Binance USD (BUSD) price is up 0.09 percent in the last 24 hours. In the past week, the price of BUSD rose 0.20 percent. Now, the price of BUSD is in the position of USD 1.00.

Crypto Market Skyrockets Over the Week, Here’s The Driving Sentiment

Crypto Price Today 23 July 2022 Bitcoin and Ethereum Compact Weak

Previously, throughout this week, the crypto market situation was enough to make investors happy, because they could profit a little from a short increase. On the other hand, crypto is still under inflationary pressure.

Overall this week a number of crypto assets, especially those with large caps or big caps, are optimistically moving into the green zone. The latest data launches Coinmarketcap, on Friday (22/7/2022) afternoon, the value of Bitcoin was at a price of USD 22,954 or around Rp 344.4 million, an 11.21 percent jump in the last seven days.

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The value of ethereum (ETH) was even more powerful, up 30.36 percent to USD 1,567 at the same time. So what caused the crypto market to fluctuate positively this week?

Tokocrypto trader, Afid Sugiono, said investors are returning to attack crypto assets, because they are ignoring the potential for a US economic recession. The same thing happened in other risky asset markets, namely the US stock market.

“In addition, investors are also busy trading in altcoins after monitoring the good performance of the US stock index,” Afid said in a written statement, Friday, July 22, 2022.

“The weakening performance of the US dollar has also added to investors’ enthusiasm, although of course it is still overshadowed by the Fed’s stance with its benchmark interest rate announced next week,” continued Afid.

So far, Afid sees many investors believe the Fed will not be too aggressive in raising its benchmark interest rate announced at the results of the meeting which will take place from 27 to 28 July 2022.

Sentiment Shadows Crypto Market

As a result, investors are optimistic that the Fed will only increase interest rates by 75 basis points and not hit the crypto market.

In addition, in general, market sentiment is filled with anxiety about the series of bad news that has plagued the crypto ecosystem over the past day. One of the bad news came from Tesla who claimed to have sold Bitcoin worth USD 963 million during the last quarter to improve the company’s cash position.

Then, news about the crypto asset lending platform, Vauld, which has applied for protection from its creditors from Singapore. This news comes after the company announced the temporary suspension of its withdrawals process a few days ago.

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Future Bitcoin and Ethereum Analysis

Bitcoin is currently trading below $23,000 and down nearly 1 percent on the day and up 11 percent on the week. The movement of BTC even though it has increased, but so far it is still flat or sideways.

Bitcoin and Ethereum Prices

“Bearish sentiment is still active near USD 24,200 and pushing the price below USD 23,000. On the downside, this initial support point is near USD 22,500. Next major support is at USD 22,250, if otherwise below it, Bitcoin price could drop. to USD 21,200,” said Afid.

“Meanwhile, the resistance level is near USD 23,500. The next major resistance could be USD 24,000, above which the price could start a new advance,” he continued.

Meanwhile, Ethereum (ETH) Afid said it is still struggling to stay above the USD 1,600 resistance. ETH pared some gains and dropped below $1,500.

“The next major support level is near USD 1,450, below which the price could initiate a stronger downside correction. On the upside, the price could face near USD 1,550. The next main resistance is at USD 1,600, if it breaks the price can start rising again,” concluded Afid.

 

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