global.gerbangindonesia.org – Crypto Prices Today March 16, 2022: Bitcoin et al Move Up
The price of Bitcoin and some of the top cryptocurrencies saw mixed price movements, Wednesday morning (16/3/2022), however, the majority of the top cryptocurrencies seemed to be strengthening in trading this morning.
Based on data from Coinmarketcap, Wednesday morning, the crypto with the largest market cap, Bitcoin (BTC) rose 1.89 percent in the last 24 hours and 2.84 percent in the week.
Currently, the bitcoin price is at the level of USD 39,633.85 per coin or equivalent to IDR 566.9 million (assuming an exchange rate of IDR 14,305 per US dollar).
Ethereum (ETH) as the largest crypto after being weakened in the last few days, this morning looks to be starting to rise again. In the last 24 hours, ETH rose by 3.00 percent and 2.42 percent in the week. With that said, ETH is currently at USD 2,629.34 per coin.
The next cryptocurrency, Binance coin (BNB) this morning also managed to strengthen. In the last 24 hours BNB strengthened by 1.29 percent. But in the week, it still slipped 2.16 percent. This makes BNB priced at USD 371.98 per coin.
Then Cardano (ADA), which had slumped yesterday, is now strengthening again. The ADA rose in the past day by 0.50 percent and 1.06 percent in the week. Thus, ADA is at USD 0.8034 per coin.
Meanwhile, Solana (SOL) is still strong, strengthening in the past day by 4.60 percent and 2.50 percent in a week. Currently, the price of SOL is at the level of USD 83.89 per coin.
Unfortunately, XRP is still weak in the past day by 0.43 percent. But managed to strengthen 6.61 percent in a week. That way, XRP is now priced at USD 0.7674 per coin.
Terra (LUNA) is also still in the red in 24 hours, down 4.25 percent, but still up 3.94 percent in the week. Currently LUNA is priced at USD 88.65 per coin.
Stablecoins such as Tether (USDT) and USD coin (USDC), both experience different price movements today. In the past day, USDT gained 0.01 percent. That way, USDT is at the level of USD 1.00.
While USDC had to weaken 0.07 percent in the last 24 hours, which sent the price down to as low as USD 0.9994 per coin.
Malaysian Deputy Minister of Finance Calls Crypto Unsuitable as a Payment Instrument
Previously, Deputy Minister of Finance of Malaysia Yamani Hafez Musa spoke about cryptocurrencies in response to a question raised by member of parliament Nurul Izzah Anwar at the People’s Council.
MPs asked about the government’s role in monitoring and regulating cryptocurrencies.
Noting that cryptocurrency is not a regulated payment instrument by Bank Negara Malaysia, the deputy finance minister said digital assets such as bitcoin and ethereum are not suitable for use as payment instruments in general.
In addition, he assessed, digital assets are also not a good store of value and medium of exchange.
“This is because digital assets are vulnerable to volatility due to speculative investments,” Yamani said, quoted from Bitcoin.com, Tuesday, March 15, 2022.
The deputy finance minister also explained that cryptocurrencies are not suitable as a means of payment because they do not show the characteristics of money.
He went on to discuss some of the problems he sees with cryptocurrencies, including its volatility, risk of theft, cyberattacks, and its inability to process as many transactions as the current Visa payment system.
He raised concerns about the environmental impact of cryptocurrency mining.
“Also, what is important is the large impact on the environment because the electrical power used to process one bitcoin transaction can process 1.2 million Visa transactions,” said Yamani.