Crypto Market Falls After US Inflation Data Release

Bagikan Postingan Ini

Share on whatsapp
Share on facebook
Share on telegram
Share on twitter
Share on email

Crypto Market Falls After US Inflation Data Release. The crypto asset market must accept the fact that US inflation data has managed to make a big shock. A number of crypto assets, such as Bitcoin, Ethereum, and Solana fell in value and were stuck in the red zone.

Launching Coinmarketcap on Wednesday (14/9/2022) afternoon, the value of Bitcoin (BTC) decreased by 8.34 percent perched at USD 20,329

Ethereum (ETH) also fell 6.30 percent and was in the position of USD 1,584. Other altcoins have also fallen, such as XRP, Cardano (ADA), Solana (SOL), and Dogecoin (DOGE).

Read Also: Hacking Rises, FBI Warns Crypto Investors About DeFi Platform

Tokocrypto trader Afid Sugiono explained that all crypto asset classes and stocks shrank following the August US inflation report which showed an increase more than anticipated.

“The August consumer price index (CPI) data showed a price increase of 8.3 percent which was unexpectedly high compared to expectations for an 8.1 percent increase,” Afid said in a daily market analysis received by, Wednesday (14/9/2022). ).

That could signal the Fed is likely to raise interest rates again by 0.75 percent next week. Bitcoin immediately dropped away from the USD 21,000 price level.

“Meanwhile, Ethereum also couldn’t stop the decline either, even though The Merge was getting closer, but couldn’t pump the price any further. So in the short term, crypto will be vulnerable to further selling pressure,” continued Afid.

Read Also: Ethereum Founder Vitalik Buterin Says Bitcoin Security Will Be Completely From Fees

US inflation figures will get most of the attention across markets. A bigger-than-expected inflation figure will certainly make for aggressive rate hikes during the next Federal Open Market Committee (FOMC) meeting.

“Next September 21, the FOMC will determine an increase in interest rates. The market will certainly be red for the next 6 days, unless there are positive comments from the Fed. The impact of The Merge is also likely not to have a strong effect on the market for a rebound,” said Afid.

The market cap or crypto market cap fell below USD 1 trillion after disappointing US inflation data. In fact, according to crypto index tracker Nomics, crypto trading volume across all exchanges has increased 62 percent to USD 739 billion over the past week.

Crypto trading activity in US dollars also increased 20 percent to USD 134 billion over the previous 24 hours. The increase in activity is partly due to investors bracing for a The Merge Ethereum upgrade this weekend.

Read Also: Overcome Money Laundering, Australian Federal Police Forms Cryptocurrency Unit

Crypto Market Falls After US Inflation Data Release. However, the high US inflation data in August made all that change. In the last four hours, more than $329 million of investors’ price-in positions on Bitcoin in the derivatives market have been liquidated with around 75 percent of those coming from long versus short BTC positions, according to Coinglass.

“Stocks of companies holding bitcoin on their balance sheets such as Marathon Digital (MARA), Coinbase Global (COIN), Block (SQ) and MicroStrategy (MSTR) have fallen and all showed losses of between 7 percent and 12 percent at the close of trading Tuesday, it said. Afid.

Bitcoin and Ethereum Motion Analysis

Bitcoin movement is currently being pulled towards a price below USD 20,000. Bitcoin price movement based on the day-20 exponential moving average (EMA) is being retested at the support level of USD 20,056. Bitcoin’s ability to breakdown could bring the price down towards USD 19,980.

“Meanwhile, Ethereum currently has a support level at USD 1,485 which is a pretty solid resistance. ETH is likely to continue its decline if it manages to break down the closest support to the next resistance at USD 1,512,” concluded Afid.

Read Also: Youth In Singapore Tricked 7 Crypto Investment Friends Of Thousand Singapore Dollars

Previously, the price of bitcoin and other top cryptocurrencies was observed to experience uniform movements on trading Wednesday, September 14, 2022. The majority of cryptocurrencies weakened again after having strengthened the previous day.

Based on data from Coinmarketcap, Wednesday (14/9/2022) morning, the cryptocurrency with the largest market capitalization, Bitcoin (BTC) fell 9.82 percent in the last 24 hours, but is still up 6.20 percent a week.

Currently, the bitcoin price is at the level of USD 20,145 per coin or equivalent to IDR 301.5 million (assuming an exchange rate of IDR 14,967 per US dollar).

Ethereum (ETH) is still continuing its correction this morning. Over the past 24 hours, ETH has fallen 7.23 percent, but is still up 0.53 percent for the week. That way, ETH is currently at the level of USD 1,589 per coin.

Read Also: Houston Texas NFL Team Now Accepts Bitcoin Payments For Game Suites

The next cryptocurrency, Binance coin (BNB) is still perched in the red zone. In the last 24 hours BNB is down 5.00 percent. But still up 4.86 percent for the week. This makes BNB priced at USD 277.89 per coin.

Then Cardano weakened again this morning. In the last one day ADA fell 7.77 percent, but still gained slightly 0.79 percent for the week. Thus, ADA is at USD 0.4679 per coin.

Meanwhile, Solana (SOL) was holding back down to the red zone. Throughout the last one day SOL weakened 10.17 percent, but still strengthened 8.31 percent a week. Currently, the price of SOL is at the level of USD 33.66 per coin.

Read Also: Worldwide Installed Crypto ATMs Surpass 20000 Installation In Year

Likewise XRP which also weakened this morning. XRP slumped 6.81 percent in the last 24 hours, but is still up 2.85 percent on the week. That way, XRP is now priced at USD 0.3336 per coin.

StablecoinTether (USDT) and USD coin (USDC), both strengthened 0.01 percent today. This makes the price of both still survive at the level of USD 1.00

Crypto Market Falls After US Inflation Data Release. Meanwhile, Binance USD (BUSD) weakened 0.01 percent in the last 24 hours, sending the price down slightly to USD 0.9999.

As for the overall crypto market capitalization in 24 hours, it fell back below USD 1 trillion, which is in the range of USD 991.3 billion.

Tinggalkan Komentar pada Artikel Ini

Berikan respon dan tanggapan anda

Leave a Reply

Your email address will not be published.

Tinggalkan Komentar pada Artikel Ini

Berikan respon dan tanggapan anda

Leave a Reply

Your email address will not be published.

error: Content is protected !!