COINHOT – The price of bitcoin is predicted to remain volatile in June 2022 as the United States (US) central bank or Fed (Fed) considers it high inflation.
Last week, bitcoin and other cryptocurrencies were priced in by a variety of sentiments ranging from geopolitics, the Fed’s rate hikes, recession fears and the terra USD(UST) stablecoin and LUNA token plummeting.
Recently, bitcoin was above USD 31,000 or around Rp. 454.89 million (assuming an exchange rate of Rp. 14,674 per US dollar), up about 3.5 percent over 24 hours and around .0010 at6 around 16 of 52 million as of Friday last week. .
Quoting coinmarketcap, Monday, May 16, 2022, the price of bitcoin rose a limited 0.69 percent in the last 24 hours. During the week, the bitcoin price was 10.36 percent.
The price of bitcoin is now traded at USD 29,841.47 or around Rp. 438.28 million (assuming an exchange rate of Rp. 14,687 per US dollar).
Then the price of ethereum weakened 0.06 percent in the last 24 hours. In a week, the price of ethereum shrank 16.62 percent to the position of USD 2,028.25 or around Rp. 29.78 million.
“Bitcoin did face downward pressure which lost USD 30,000 support but did not fall below USD 25,000,” said CEO BitBull Capital, 2.2 .Joe DiPasquale Men Coin16Des
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Ether, the second largest crypto by market cap, has also recently risen to USD 2,100 or around IDR 30.80 million after the start of the week dropping below USD 1,800.
Most of the major altcoins were in the green Sunday, May 15, 2022, reporting some of their losses last year.
This is in line with the cryptocurrency market capitalization of USD 300 billion or around IDR 4,405.38 trillion (assuming an exchange rate of IDR 14,684 per US dollar). Crypto SOL is up more than 10 percent even though the price is down $55 from its $70 position earlier in the week.
The rise in the crypto market was also in line with the US stock market or Wall Street which strengthened on Friday, May 13, 2022 after experiencing a correction for six consecutive days. The Nasdaq index rose 3.8 percent. The S&P 500 and Dow Jones indexes rose 2.3 percent and 1.4 percent, respectively.
However, this week’s economic news will not prevent investors from avoiding riskier assets in recent months.
On Wednesday last week, the United States (US) Department of Commerce announced consumer prices had risen 8.3 percent in April 2022, slightly better than the previous month but still a sign of inflation.
On the other hand mortgages rose more than 5.3 percent increasing the difficulty for prospective homeowners to finance their purchases.
In addition, investors are worried if the US central bank’s aggressive policies are not effective in taming inflation.
Hargreaves Lansdown Senior Analyst Susannah Streeter watched investors over inflation, supply and the decline in UST that made LUNA plummet.
“For now the cryptographic turmoil after reeling from the decline caused by stablecoins,” he said.
He said the collapse of stablecoins shows speculation in crypto is very high risk and not suitable for investors who are not going to lose their money.
DiPasquale said it took a lot of buying activity to push bitcoin prices higher. He views last week’s low as a long-term buying opportunity. However, he expects June to bring additional polarity as the Fed’s move to forecast inflation is more pronounced.
Previously, the price of bitcoin and other tops had mostly returned to the green on Monday morning, May 16, 2022. On Monday morning trading, cardano and solana led the way among cryptocurrencies.
Based on Coinmarketcap’s Bridge Data Monday morning, the cryptocurrency with the largest market cap of bitcoin (BTC) was up 3.84 percent in the last 24 hours. However, during the week, the bitcoin price was still down 8.23 percent. Currently, the price of bitcoin is traded at USD 31,224.34 or around IDR 456.18 million (assuming an exchange rate of IDR 14,610 per US dollar).
The increase in the price of bitcoin was followed by the price of Ethereum (ETH). The price of ethereum jumped 4.4 percent in the last 24 hours. However, in a week, the price of ethereum was 14.57 percent. The price of ethereum is now in the position of USD 2,146.60 or around Rp. 31.36 million.
Likewise, the price of BNB is in the green zone. BNB Price Increases 4.82 percent over the last 24 hours. During the week, the price of BNB shrank 12.21 percent. Now the BNB Price is at USD 312.01.
Nike XRP price 4.61 percent in the last 24 hours. However, the price of XRP fell 21.03 percent in a week. Currently, the price of XRP Verada is at USD 0.4476.
Cardano prices have soared 10.84 percent over the past 24 hours. In a week, the price of Cardano fell 19.34%. Now Cardano Price is at USD 0.5945.
In addition, the price of solana rose 11.66 percent in the last 24 hours. During the week, the price of solana was 22.41 percent. The price of solana is traded at USD 58.44.
Meanwhile, the price of dogecoin rose 3.38 percent over the past 24 hours. Dogecoin price shrank 25.48 percent in a week. Currently, the price of Dogecoin is trading at USD 0.09254.
Stablecoins such as tether edged up 0.02 percent in the last 24 hours. During the week, tether prices were down 0.10 percent. Now the price of tether is traded at USD 0.9989.
Additionally, the price of USD Coin (USDC) is down a limited 0.05 percent over the past 24 hours. In the week, the price of the coin is USD 0.06 percent. Currently the price of USDC Verada is at USD 1.00.
Binance USD (BUSD) prices have weakened a limited 0.06 percent in the last 24 hours. In the week, the Binance USD price was up 0.11 percent. Binance USD price is currently trading USD 1.00.