Jakarta, CNBC Indonesia – The cryptocurrency market tends to weaken at the beginning of the year due to global economic uncertainty in 2023. Even large-cap cryptocurrencies are still in decline, including Bitcoin, Ethereum and Tether.
Launching data from Coin Market Cap at 11:50 WIB, Bitcoin plunged 0.07% on the day to the position of US$16,534.17/coin or Rp equivalent. 256.9 million / coin.The exchange rate assumption used is the rupee’s position at close of business last Friday, where US$1 Rp.15,538.5/US$).
Ethereum tumbled 0.08% to USD 1,193.2/coin or IDR 18.5 million/coin.While Tether is at US$0.997 or IDR 15,537/coin today
Of the 10 largest market capitalization owners in the cryptocurrency market, only Binance has strengthened.
The collapse of most cryptocurrencies with the largest caps is understandable. The reason is that the cryptocurrency market is in one of its worst periods.
This condition is different from 2021 wherecryptocurrencies are experiencing a “golden” period also because of investors trader there are still many who are interested in investing in this digital asset.
The cryptocurrency market has started forming trends bearish because the central bank of the United States (USA), the Federal Reserve (The Fed), wants to raise interest rates to stem the inflation that has started to rise since the beginning of 2022. Also, inflation is getting hotter after the Russia-Ukraine war, due to the prices of raw materials which increased quite significantly.
However, the biggest downfall for cryptocurrencies has come from them. Scandal after scandal has destroyed the cryptocurrency market.
The Terra Luna case became the first hottest case in the cryptocurrency industry this year. The fall of LUNA and UST also affected other cryptocurrencies, including Bitcoin and Ethereum.
After the fall of Luna, the Celsius Network and Three Arrows Capital (3AC) cases emerged. This case occurred in the middle of this year, June-July 2022 to be exact.
Early to mid-November 2022 was the beginning of the FTX crisis and triggered a third “slide” in the cryptocurrency market.
CNBC INDONESIA RESEARCH TEAM
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