global.gerbangindonesia.org – Crypto Prices Today March 14, 2022: Bitcoin Still Weakening
Starting the third week of March 2022, the price of Bitcoin and the top cryptocurrencies still seems to experience uniform price movements, Monday morning (14/3/2022). Several cryptocurrencies that previously strengthened, this time simultaneously weakened again.
Based on data from Coinmarketcap Monday morning, the cryptocurrency with the largest market cap, Bitcoin (BTC) has lost 0.86 percent in the last 24 hours and 0.96 percent in the week.
Currently, the bitcoin price is at the level of USD 38,751.42 per coin or equivalent to IDR 555.1 million (assuming an exchange rate of IDR 14,327 per US dollar).
Ethereum (ETH) as the second largest cryptocurrency also weakened. In the last 24 hours, ETH weakened by 0.91 percent and 2.83 percent in the week. With that said, ETH is currently at USD 2,563.63 per coin.
The next cryptocurrency, Binance coin (BNB) this morning also weakened. In the last 24 hours BNB weakened by 1.24 percent and 3.05 percent in the week. That leaves BNB at USD 370.25 per coin.
As for Cardano (ADA), the top crypto that managed to strengthen. ADA rose in the past day by 0.98 percent. But still weakened 5.12 percent in the week. Thus, ADA is at USD 0.8005 per coin.
Meanwhile, Solana (SOL) also fell in the past day by 2.55 percent and 7.20 percent in the week. Currently, the price of SOL is at the level of USD 79.81 per coin.
XRP also weakened in the past day by 0.39 percent. But managed to strengthen 5.42 percent in a week. That way, XRP is now priced at USD 0.7851 per coin.
Terra (LUNA) after having strengthened, now must also weaken in 24 hours by 1.91 percent. But still up 7.02 percent in the week. Currently LUNA is priced at USD 87.64 per coin.
Stablecoins such as Tether (USDT) and USD coin (USDC), both experienced uniform price movements today. In the last one day each rose 0.01 percent. That way, USDT is at the level of USD 1.00. Meanwhile, the price of USDC should fall to the level of USD 0.9997.
The Crypto Market Dropped on March 11, 2022, Here’s Why
Previously, most cryptocurrencies experienced choppy trading conditions on Friday, March 11, 2022, indicating a lack of confidence among traders and investors.
Geopolitical uncertainty has also made investors nervous, especially as Russia’s attacks on Ukraine escalate. Meanwhile, talks between diplomats have stalled, as the two sides did not reach an agreement on a ceasefire.
On the macro front, the European Central Bank announced its plans to end its bond-buying program in September, which could lead to higher interest rates.
Head of foreign exchange strategy at Saxo Bank, John Hardy in a note described the announcement as a game changer.
This points to increasing central bank pressure to fight inflation by tightening monetary policy, which could weigh on speculative assets such as cryptocurrencies.
Cryptos and stocks were slightly lower throughout Thursday and Friday, while oil prices fell. Traditional asset shelters such as gold and the US dollar traded higher.
Alternative cryptocurrencies (Altcoins) experienced less selling pressure compared to Bitcoin (BTC) on Friday. Ether (ETH) is down 3 percent over the past 24 hours, compared to BTC’s 6 percent drop. Meanwhile, STX, the native token from the Stacks network used to trigger smart contracts, was up as much as 20 percent.