global.gerbangindonesia.org – Crypto Prices Today March 24, 2022: Bitcoin and Ethereum Correct
The prices of Bitcoin and cryptocurrencies at the top saw mixed price movements today, Thursday (24/3/2022) morning. Several cryptocurrencies that previously strengthened this time began to correct.
Based on data from Coinmarketcap Thursday morning, the cryptocurrency with the largest market cap, Bitcoin (BTC) is down 0.78 percent in the last 24 hours, but is still up 2.99 percent in the week.
Currently, the bitcoin price is at the level of USD 42,372.85 per coin or equivalent to Rp. 609.3 million (assuming an exchange rate of Rp. 14,381 per US dollar).
Ethereum (ETH) also fell this morning. In the last 24 hours, ETH is down 0.23 percent. But still up 8.65 percent in the week. With that said, ETH is currently at USD 2,999.69 per coin.
The next cryptocurrency, Binance coin (BNB) this morning also corrected. In the last 24 hours BNB was down 0.11 percent, but still up 5.50 percent on the week. This makes BNB priced at USD 405.43 per coin.
Then Cardano (ADA) is still firmly strengthening uncorrected. In the past day the ADA rose 8.96 percent and 28.81 percent in the week. Thus, ADA is at USD 1.07 per coin.
Meanwhile, Solana (SOL) is also still strengthening during the last day 2.21 percent and 9.31 percent a week. Currently, the price of SOL is at the level of USD 93.91 per coin.
XRP unfortunately this morning also had to be corrected. In the past day, XRP fell 0.97 percent, but is still up 5.64 percent on the week. That way, XRP is now priced at USD 0.8317 per coin.
Terra (LUNA) is moving the other way, after yesterday weakening, today managed to strengthen. Terra was up 0.96 percent and 6.08 percent in the week. Currently LUNA is priced at USD 94.32 per coin.
Stablecoins such as Tether (USDT) and USD coin (USDC), both experience different price movements. USDT strengthened. and up 0.01 percent which makes the price is currently at the level of USD 1.00.
Meanwhile, USDC is down 0.02 percent in the past day. Despite the decline, the USDC price managed to make it to the initial price of USD 1.00.
Bitcoin Price Touches IDR 621.5 Million, Highest Since Last 3 Weeks
Previously, the price of bitcoin had risen to its highest level since the last three weeks as the cryptocurrency market moved in line with the stock market index.
On Wednesday morning, March 23, 2022, Bitcoin (BTC) was at the level of USD 42,673 or around Rp. 612 million. That figure is up 4.1 percent in the last 24 hours. But interestingly, the day before, on Tuesday, the price of Bitcoin touched its highest level since the last 3 weeks.
The price of the largest cryptocurrency based on its market value touched USD 43,337 or around Rp. 621 million on Tuesday. The price was the highest point since March 3, 2022.
Jason Deane, chief Bitcoin analyst at Quantum Economics, said that was predictable, but that the current rally wasn’t certain how long it would last.
“Bitcoin price, in general, is moving in line with the major stock indexes. Crypto Twitter had forecast an upward move based on a certain combination of technical and fundamental analysis, but it is too early to say whether this is a sustainable rally,” Deane said, quoted by CoinDesk, Wednesday ( 23/3/2022).
Despite touching its highest price since the last three weeks, Bitcoin trading volume was around 30,000 BTC in the last 24 hours, its lowest point compared to last month.
“As BTC surged to USD 42,000, more than 15,000 BTC in outflows from the exchange were seen yesterday, the most since January 29,” IntoTheBlock Insights wrote in a commentary.
Bitcoin outflows from exchanges are often seen by crypto analysts as a sign that traders are not looking for a quick sell. So they may move the coins to long term storage or storage options. High interest rate outflows are usually seen as bullish sentiment.
Last time BTC had a large outflow, followed by a significant price hike,” wrote IntoTheBlock.
The crypto market took a brief hit on Monday after Federal Reserve Chair Jerome Powell signaled in a speech that the U.S. central bank may raise its benchmark interest rate by half a percentage point at certain meetings during the rest of the year.
He said officials were prepared to “slow down the market” to bring inflation down.
However, the market bounced back aggressively in the following days despite the Fed’s hawkish stance. The stock market also rose. The Nasdaq rose 1.7 percent and the S&P 500 added 1 percent.
Before announcing more aggressive Fed action, the Federal Open Market Committee (FOMC) announced a 0.25 percentage point rate hike last Wednesday.
Elsewhere in the cryptocurrency market on Wednesday, Ethereum (ETH) was up 2.14 percent over the past 24 hours and solana (SOL) was up 4.35 percent.