Petik.net - Since Friday, April 21, 2023, Bitcoin has fallen to around USD 28,000 or the equivalent of IDR 418.9 million (assuming an exchange rate of IDR 14,949 per US dollar). Apart from Bitcoin, other cryptocurrencies such as Ethereum have also experienced a decline.
The decline comes alongside broader concerns about liquidity and the direction of the US economy, as well as a US regulatory crackdown on cryptocurrencies.
Coinbase, the largest crypto exchange in the US, is even considering moving elsewhere.
Head of Asia at CPT Markets, Denys Peleshok, said that cryptocurrencies are facing pressure from potential weakness in the US and European economies as well as the prospect of higher interest rates.
Peleshok explained that the two economies could experience a slowdown in growth, which would contribute to a decline in investor sentiment and appetite for risk, especially among institutional investors.
On Thursday, the US Department of Labor reported higher-than-expected initial jobless claims the previous week, indicating that the economy is slowing.
Despite weak economic readings and growing fears of a recession, Cleveland Federal Reserve President Loretta Mester said Thursday she expects interest rates to move above 5 percent this year, but noted that monetary tightening is drawing to a close.
Currently, US interest rates hover between 4.75 and 5 percent, their highest since June 2006.
According to analysts at CME Group, the chances of the Fed leaving interest rates unchanged at its next meeting on May 3 are 17.9 percent, while 82.1 percent predict a 25 basis point increase, down from 83.3 percent.
Crypto Prices Saturday April 22, 2023
Meanwhile, on Saturday, April 22 2023, the price of the top cryptocurrencies was observed to be still moving in the red zone during trading. Bitcoin price is still experiencing correction.
Based on Coinmarketcap data, the largest market capitalization price of Bitcoin (BTC) fell 3.35 percent in the last 24 hours.
Over the past week, Bitcoin's price has fallen by 10.28 percent. Currently, the price of Bitcoin is at USD 27,305.84 or around IDR 407.69 million (assuming an exchange rate of IDR 14,931 per US dollar).
The price of Ethereum (ETH) is down 4.94 percent over the last 24 hours. Over the past week, the price of Ethereum has decreased by 12.12 percent. Now, the price of Ethereum is in the position of USD 1,847.36 or around IDR 27.57 million.
XRP price decreased by 5.38 percent over the last 24 hours. Currently, the price of XRP is at USD 0.4488. Over the past week, the price of XRP has fallen 14.30 percent.
Meanwhile, cardano prices (ADA) weakened 4.47 percent in the last 24 hours. In the past week, cardano prices have fallen 12.73 percent. Currently, the cardano price is at USD 0.3826.
In this regard, crypto market experts expect the decline in crypto prices to continue if concerns about the direction of the global economy and rising interest rates persist.
Therefore, investors are expected to consider and analyze carefully before buying and selling crypto.
In order to maximize profits and minimize risk, some strategies that can be adopted by crypto investors are to diversify their portfolios, follow the latest news regarding crypto market developments, and pay attention to factors that affect crypto prices such as adoption by financial institutions and government regulations.
In conclusion, the crypto market is currently experiencing a downturn due to concerns about the direction of the global economy and rising interest rates.
The prices of bitcoin, ethereum, XRP and cardano have fallen in the last 24 hours. As a crypto investor, it is advisable to consider the right strategy to maximize profits and minimize risks.
Price List of Other Cryptos
In the last 24 hours, the price of DOGE or dogecoin has fallen by 6.51 percent and over the past week, the price of dogecoin has fallen by 11.59 percent. The DOGE price is currently at USD 0.07836.
Polygon or MATIC prices have decreased by 3.38 percent in the last 24 hours. In the past week, polygon prices have decreased by 12.91 percent. Currently, the polygon price is at USD 1.01.
Solana prices are down 4.19 percent in the last 24 hours and in the past week, they are down 14.11 percent. Solana's current price is at USD 21.27.
Meanwhile, the price of other cryptocurrencies such as USDT rose by 0.02 percent in the last 24 hours and in the past week, the price of USDT fell by 0.06 percent. The USDT price is currently at USD 1.00.
The price of USD Coin or USDC rose 0.04 percent in the last 24 hours and in the last week, the price of USDC rose 0.03 percent. The USDC price is currently at USD 1.00.
Global crypto market capitalization fell 3.17 percent to USD 1.15 trillion.
United Arab Emirates Opens Registration for Crypto Company License
On Monday, April 17, 2023, the United Arab Emirates (UAE) Securities and Commodities Authority announced that it had begun accepting registrations from crypto businesses for licenses to operate in the region.
According to a report from Yahoo Finance on Friday, April 21, 2023, digital asset companies wishing to do business in Dubai, one of the seven emirates of the UAE, must obtain two licenses.
In addition to a license from the UAE authorities, the company also needs to obtain a license from the Dubai Virtual Asset Regulatory Authority.
However, companies that are already registered in the financial free zone in the country are not required to apply for two licenses.
The United Arab Emirates' financial free zone offers financial incentives and an independent regulatory framework to attract business, especially in the financial sector.
Dubai has released its latest crypto regulatory framework in February to attract investment from crypto platforms and other digital assets and become a regional hub for the sector.
The Securities and Commodities Authority was assigned to oversee the digital asset industry in Dubai the same month.
Singapore-based exchange Crypto.com announced on March 20 that it has secured a Minimum Viable Product Preparation License from Dubai.
This license allows companies to test and develop their products and services for up to six months.
Disclaimer: Every investment decision rests with the reader. Study and analyze before buying and selling Crypto. Petik.net is not responsible for profits and losses arising from investment decisions.
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Disclaimer: Every investment decision is in the hands of the reader. Study and analyze before buying and selling Crypto. Petik.net is not responsible for profits and losses arising from investment decisions.
The information provided in this article is for informational purposes only and should not be considered as financial or investment advice. Cryptocurrency investments are subject to market risks, and readers should exercise caution and do their due diligence.
