Posted by Xoken.org – The prices of Bitcoin and other top cryptocurrencies were observed to experience mixed movements on Sunday (25/2/2024). Currently, today’s crypto prices and market capitalization are led by Bitcoin.
Based on data from Coinmarketcap, the cryptocurrency with the largest market capitalization, Bitcoin (BTC) is strengthening. Bitcoin rose 0.75 percent in 24 hours, but was still down 1.57 percent on the week. Currently, the price of Bitcoin is at IDR 804,146 million.
Stablecoin Tether (USDT) is still sluggish. USDT in the last 24 hours weakened 0.8 percent and 1.46 percent for the week. Currently the price of USDT is IDR 15,594 per coin.
The next crypto, Binance coin (BNB) was recorded as strengthening. In the last 24 hours BNB strengthened 0.44 percent and 6.50 percent a week. This makes BNB priced at IDR 5.9 million per coin.
Solana to Dogecoin
Meanwhile, Solana (SOL) is still strengthening. SOL rose 2.70 percent in one day and weakened 6.45 percent in a week. Currently, the price of SOL is at the level of IDR 1.6 million per coin.
XRP was observed to be in the green zone again. XRP strengthened 2.66 percent in 24 hours, but is still down 2.50 percent for the week. In this way, XRP is now priced at IDR 8,483 per coin.
Then Cardano (ADA) is also in the green zone. ADA strengthened 1.26 percent in the last 24 hours even though it still weakened 4.96 percent a week. That way, ADA is at the level of IDR 9,287 per coin.
Meme coin Dogecoin (DOGE) is strong again. In the last day DOGE rose 0.33 percent and also gained 1.55 percent a week. This makes DOGE trade at IDR 1,339 per token.
Overall, the crypto market has seen a downturn after experiencing significant price appreciation, especially in Bitcoin. This indicates potential selling pressure from market players trying to take advantage, with the possibility of higher volatility in the future.
Tokocrypto trader, Fyqieh Fachrur said this potential volatility comes along with some negative sentiment which could push the majority of crypto assets to decline.
“Currently, the crypto market is faced with two negative sentiments which are likely to push the majority of risk assets down,” said Fyqieh to Liputan6.com, quoted on Sunday (25/2/2024).
First, the news about the results of the FOMC minutes has influenced the movement of the US Dollar and directly affected crypto because of its negative correlation.
Fyqieh explained that many analysts currently assume that news from the FOMC will increase the value of the US Dollar again, which will likely push the majority of risk assets to decline.
Currently, attention to the FOMC is still focused on inflation which continues to rise. However, the FOMC has a track record of encouraging risk asset prices to decline, so it is likely that current conditions were influenced by the publication of the announcement.
Apart from that, the Fed continues to give signals that it will delay reducing interest rates. Fed Vice Chairman Philip Jefferson said on Thursday he was still considering lowering interest rates later this year.
This statement comes just a day after the FOMC meeting minutes showed a similar stance. The minutes of the meeting also suggested that the Fed should proceed with a cautious rate cut, reinforcing the idea that rates will remain high for a longer period of time.
“This attitude is supported by the country’s economic data which turned out to be better than expected,” explained Fyqieh.
The second sentiment comes from Bitcoin ETF outflow data. On February 21, the BTC ETF recorded a net outflow of USD 35.6 million or equivalent to IDR 555.2 billion assuming an exchange rate of IDR 15,598 per US dollar), which may be a profit-taking action by investors.
This was the first negative reading since January 25, following 17 consecutive days of net inflows, largely led by BlackRock and Fidelity.