Crypto Prices Today April 8, 2022: Binance and XRP Lead The Way

Crypto Prices Today April 8, 2022 Binance and XRP Lead The Way

global.gerbangindonesia.org– Crypto Prices Today April 8, 2022: Binance and XRP Lead The Way

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The price of Bitcoin and the top cryptocurrencies looks still weak, Friday morning (8/4/2022). Since early April, the crypto market is still correcting after experiencing a long rally at the end of March 2022.

Crypto

Based on data from Coinmarketcap, Friday morning, the crypto with the largest market cap, Bitcoin (BTC) fell 0.88 percent in the last 24 hours and 4.81 percent in the week.

Bitcoin

Currently, the bitcoin price is at the level of USD 43,571.25 per coin or equivalent to IDR 626.3 million (assuming an exchange rate of IDR 14,374 per US dollar).

Ethereum (ETH) is also still weak. In the last 24 hours, ETH fell 0.13 percent and 2.14 percent in the week, respectively. With that said, ETH is currently at USD 3,230.87 per coin.

The next cryptocurrency, Binance coin (BNB) strengthened among other cryptocurrencies that weakened. In the last 24 hours BNB was up 2.11 percent and 1.72 percent for the week, respectively. This makes BNB priced at USD 436.59 per coin.

Then Cardano (ADA) is also still in the red zone. In the past day the ADA slumped 1.21 percent and 6.30 percent in the week. Thus, ADA is at USD 1.09 per coin.

Meanwhile, Solana (SOL) is still weak since yesterday. In the last one day SOL fell 0.60 percent and 4.95 percent a week. Currently, the price of SOL is at the level of USD 118.32 per coin.

XRP

XRP follows in the footsteps of Binance which managed to strengthen amid the correction. In the past day, XRP was up 0.49 percent, but is still down 4.33 percent for the week. That way, XRP is now priced at USD 0.7823 per coin.

Terra (LUNA) also fell today. Terra is down 6.35 percent in the last 24 hours, but is still slightly up 1.71 percent in the week. Currently Terra is priced at USD 101.66 per coin.

Stablecoins such as Tether (USDT) and USD coin (USDC), both are strengthening. USDT is up 0.01 percent which makes the price now at USD 1.00

Meanwhile, USDC strengthened 0.13 percent in the past day which made the price return to the level of USD 1.00.

The Crypto Market Is Sluggish, This Is The Cause

Crypto Prices Today April 8, 2022 Binance and XRP Lead The Way

Previously, the crypto market weakened again due to macroeconomic turmoil stemming from the Russia-Ukraine conflict plus new evidence of the transformation of the US central bank which is taking more hawkish economic decisions at this time.

Bitcoin (BTC) was recently trading below USD 44,000 or around IDR 632.5 million, where it fell the previous day less than a week after soaring more than USD 47,000. The largest cryptocurrency by market cap is down nearly 5 percent.

Ethereum (ETH), the second-largest cryptocurrency by market cap, also fell more than Bitcoin by 7 percent and is trading just above $3,200.

All the top major altcoins by market cap have had even worse luck. Solana (SOL) is down more than 10 percent. Cardano and Polkadot each fell about 8 percent at some point. The DOGE and SHIB meme coins are also down about 12 and 9 percent, respectively.

The decline followed the release of the minutes from the Fed’s March meeting where governors discussed raising interest rates with a half-point hike.

Fed Chair Jerome Powell last week discussed the possibility of a half-point hike as a way to curb inflation, which is nearly 8 percent already at a four-decade high and potentially rising as the conflict in Ukraine rages on.

The US and other countries that have criticized Russia’s aggression are taking steps to impose full sanctions on Russia’s biggest financial services firms, including Sberbank.

Purpose of Sanction

Crypto Prices Today April 8, 2022 Binance and XRP Lead The Way

The countries previously imposed only partial sanctions on the companies. However, Sberbank, which holds about a third of Russia’s assets, will now have no contact with the US banking system as a result of the full sanctions.

The sanctions are meant to cripple the Russian economy, which has been able to make debt payments from the income it receives from energy sales and through limited access to foreign banking.

The US has urged EU countries to ban imports of Russian oil and gas, which they depend heavily.

Co-founder and partner of financial services firm JST Capital, Scott Freeman said the global unrest and the current economic situation have hurt Bitcoin’s price.

“It’s hard to know where Bitcoin is moving right now. Ultimately, we believe there is a macro business theme in an environment where people don’t want to take risks today. People are looking for opportunities to sell and make a profit,” said Freeman as quoted from CoinDesk, Thursday, April 7, 2022.

“We think that, in the long term, Bitcoin and crypto are a really good place to put some percentage of your portfolio,” he concluded.

The Fed’s Hawkish Sentiment

Crypto Prices Today April 8, 2022 Binance and XRP Lead The Way

Previously, Bitcoin and other cryptocurrencies resumed their jitters on Wednesday, April 6, 2022. The crypto market fell sharply after hawkish remarks by US central bank Governor Lael Brainard coupled with the latest troubling news from Ukraine.

Bitcoin, the largest cryptocurrency by market cap, recently traded just below USD 46,000, down from the previous day’s high of above USD 47,000 or about 1 percent over the past 24 hours.

Ethereum, the second-largest cryptocurrency by market cap, changed hands just over $3,400, down about 1.5 percent.

Crypto prices matched major stock markets, which were mostly down as investors weighed additional rate hikes to curb inflation, which has soared to nearly 8 percent in the US.

The tech-focused Nasdaq fell 2.2 percent, while the S&P 500 fell 1.2 percent. In a speech to the Federal Reserve Bank of Minneapolis, Brainard called reducing inflation a very important thing.

“The committee will continue to methodically tighten monetary policy through a series of rate hikes and by starting to rapidly reduce the balance sheet soon after our May meeting,” Brainard said.

Meanwhile, Europe continues to grapple with the moral and economic problems stemming from the Russo-Ukrainian conflict. Spain, Denmark and Sweden have expelled Russian diplomats, while the US and other countries are preparing new economic sanctions.

US President Joe Biden and other leaders have called for a ban on energy imports from Russia, a move Lithuania has already taken.

On the other hand, crypto has some positive news with the company MicroStrategy (MSTR) saying on Tuesday they had acquired an additional 4,100 Bitcoins worth around USD 190 million.

The news comes less than two weeks after the Terra Luna foundation announced its commitment to buying at least $3 billion in Bitcoin.

However, the event did not have a major impact on Bitcoin, which in itself might be a sign of the crypto market’s increasing maturity.

The CEO of Bitcointold’s Bitcoin savings platform Swan, Cory Klippsten said the crypto market is big enough and Bitcoin will keep going.

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