money.nikaniku.com – Pasar Kripto Betah Melemah, Analis Sebut Bitcoin Masih Menjanjikan. The crypto market slumped again on Tuesday (12/7/2022). On the previous day, the top cryptos were still experiencing mixed price movements, but today they are stuck in the red zone again.
For almost a month, bitcoin (BTC) has been trading in a range between USD 17,000 (Rp 255.1 million) and USD 23,000 (Rp 345.2 million). This has left crypto analysts wondering if this year’s worst big sell-off might be over.
Senior market analyst at Oanda Edward Moya explained that despite the negative sentiment for crypto, bitcoin still holds promise.
“Despite all the pessimism and negative headlines for Bitcoin, the fact that Bitcoin is struggling at the USD 20,000 level is a promising sign,” said Moya, quoted from CoinDesk, Tuesday, July 12, 2022.
On the other hand, the founder of crypto and foreign exchange analysis firm Quantum Economics, Mati Greenspan said he had heard estimates as low as $8,000 for the Bitcoin price. However, according to Greenspan, bitcoin is currently at its lower limit.
“The outlook only gets better when we realize the absolute worst-case scenario might not be so severe,” Greenspan said
Crypto Prices Tuesday Morning 12 July 2022
Previously, the price of bitcoin and other top cryptocurrencies was observed to experience uniform movements on trading Tuesday, July 12, 2022. The price movement of the crypto market was again stuck in the red zone.
Based on data from Coinmarketcap, Tuesday (12/7/2022) morning, the crypto with the largest market capitalization, Bitcoin (BTC) weakened 3.21 percent in 24 hours, but gained 1.15 percent a week.
Currently, the price of bitcoin is at the level of USD 20,112 per coin or equivalent to IDR 301.8 million (assuming an exchange rate of IDR 15,010 per US dollar).
Ethereum (ETH) also fell again this morning. Over the past 24 hours, ETH fell 4.71 percent and 2.05 percent in the week, respectively. With that said, ETH is currently at USD 1,108 per coin.
The next cryptocurrency, Binance coin (BNB) is also stuck in the red zone. In the last 24 hours BNB fell 2.54 percent and 0.53 percent a week. This makes BNB priced at USD 227.16 per coin.
Other Crypto Prices
Then Cardano (ADA) this morning had to weaken again. In the last one day ADA weakened 5.18 percent and 5.22 percent a week. Thus, ADA is at USD 0.4396 per coin.
Meanwhile, Solana (SOL) also weakened this morning. Throughout the last one day SOL fell 7.41 percent and 5.58 percent a week. Currently, the price of SOL is at the level of USD 34.05 per coin.
XRP is also still corrected this morning. XRP is down 2.16 percent in the last 24 hours and 2.85 percent in the week. That way, XRP is now priced at USD 0.3167 per coin.
Stablecoin Tether (USDT) and USD coin (USDC), both weakened 0.01 percent today. This makes USDT at the level of USD 0.9992 and USDC valued at USD 1.00.
While Binance USD (BUSD) strengthened 0.16 percent in the last 24 hours, which kept the price at USD 1.00
As for the overall crypto market capitalization in the last 24 hours, it fell quite a bit, namely at the level of USD 896.4 billion from the previous level of USD 933.5 billion.
Crypto is Weakening Again, Analyst Says Price Movement Will Be Volatile
Previously, the crypto market weakened over the weekend, with bitcoin briefly falling back to USD 20,000 or around Rp. 299.6 million. On Monday morning, Bitcoin touched USD 21,000, but soon fell back to the level of USD 20,000.
To date, some analysts pinned USD 17,000 as the key market support level. BitBull Capital CEO DiPasquale revealed that he still sees the movement of crypto prices will continue to be choppy for some time to come.
“Stronger bid around the USD 17,000 level, if bitcoin falls there again, would be a strong signal for gains and might indicate the formation of a potential downside around that price,” said DiPasquale as quoted by CoinDesk, Monday, July 11, 2022.
Investors will be watching this week for the latest US consumer price index reading, which is expected to be released on Wednesday. The report could influence market expectations for the Federal Reserve’s next move, at its meeting later this month; at the latest reading, inflation was the fastest in four decades.
One point of consideration, last Friday’s report on US job growth in June has eased some worries the country is in recession; which should make it easier for the Fed to resume rate hikes 75 basis points (0.75 percentage points), or three times as fast as the previous cycle of rate hikes.
On this matter, Oanda senior market analyst Ed Moya said last week, if inflation delivers another upside surprise, the September meeting could see expectations fully priced in a half-point rate hike but that could easily climb to 75 basis points.
To date, crypto traders are still looking forward to Wednesday’s expected release of the June Consumer Price Index (CPI), the most widely considered measure of US inflation, for clues on how aggressively the Federal Reserve needs to slow the pace of consumer price gains.
