The price of Bitcoin Slumped This Week

The price of Bitcoin Slumped This Week

Infotrends.id – The price of bitcoin dropped seven days in a row. The price of Bitcoin slumped this is the longest stretch since 2018 and slip into the psychological level of $ 40.000 or Rp 574.05 million (assuming the exchange rate of Rp 14.351 per U.S. dollar).

Bitcoin price in USD positions 40.800 or around Rp 585.53 million, and were down 2.3 percent over the last 24 hours, based on CoinDesk. Range weakened the price of bitcoin to become the longest of the 30 previous July 4, 20218.

The bitcoin price did not fall below $ 40,000 since September 2021, and away from the highest prices of all time in the position of the USD 69.000 R90.0.24 million. The position reached in November 2021. Launched in 2009, bitcoin celebrate the 13th birthday last week but nothing urgent.

Analyst crypto warn of bitcoin recently may be susceptible to the sale of sharp, even though there are some signs of the end of last week the market is stable. January tends to be a weak month for Bitcoin seasonally but this year is very difficult. Assets crypto biggest decreased by 11 percent in 2022.

The market was rocked last week by the release of minutes from the Federal Reserve showed officials at the central bank of the United States began to discuss whether to take the more aggressive to overcome the rate of inflation which is now achieved the highest level in almost four decades.

Many investors say, bitcoin has benefited in recent years from a lightening of the Fed’s monetary policy since the KOVID-19 hit the economy. This includes printing money USD 4 trillion to support the market who are sick.

So a reversal of the Fed’s policy looks like the wind bitcoin. On the other hand there is narrative in the market, the trading of bitcoin as a risk asset that is similar. The hawkish stance from the Fed can curb appetite of risk and high value.

“Macro experience the uncertainty is relatively low from market participants,” said the analyst Coinbase institutional reported by CoinDesk, Sunday (9/1/2022).

On Friday, January 7, 2021, bitcoin price fell 35% from all time high and the market it took months to recover. The analyst of FundStrat said, the price could be lowered to USD 39.570 or $ 570.46 million in the short term.

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