Jakarta, CNBC Indonesia – Price cryptocurrency managed to rise from the correction zone on trading Saturday (29/1/2022) evening Indonesian time, because investors tend to take long positions at low prices (buy on dip) Today.
Launch data from CoinMarketCap at 16:00 WIB, only crypto type stablecoin namely Tether and USD Coin which are trading in the red today.
While the rest were successful rebound to the green zone today. Bitcoin rose 3.39% to a price level of US$ 37,870.92/coin or equivalent to Rp. 544,773,184/coin (assuming an exchange rate of Rp. 14,385/US$), Ethereum flew 7.18% to a level of US$ 2,562.85/coin or Rp 36,866,597/coin, and Solana rocketed 8.23% to US$ 96.97/coin (Rp 1,394,913/coin).
Here’s the movement of the top 10 cryptocurrencies by market capitalization today.
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Bitcoin tends to stay around the level of US$ 37,000 and several other cryptocurrencies have also started to stabilize and strengthen after the previous few days tending to fluctuate in the midst of volatile global stock markets.
Analysts are also looking for signs of a possible reversal (rebound) in the equity market, which can encourage investors to buy crypto again, especially since the crypto market is now at a low level, so that trader who want to take a position at a low price (buy on dip) tends to be large.
So far, several trader seems to still tend to be a dilemma between choosing the stock market or crypto, because both are also at low levels.
However, risk assets still have the potential to be corrected, because investors tend to be indecisive because they are still faced with concerns about tightening monetary policy of the United States (US) central bank or the Federal Reserve (The Fed) and tensions between Russia and Ukraine.
“Investors are still likely to withdraw from the US stock market amid the Fed’s expected tightening of monetary policy,” said Alex Kuptsikevich, analyst at FxPro. CoinDesk.
“If the selling continues, more investors will reduce their positions in risk assets, and cryptocurrencies may be hit first,” added Kuptsikevich.
Furthermore, given that macroeconomic headwinds persist, some analysts are also concerned about crypto winter future, similar to what happened in 2017-2018.
However, it seems crypto winter It’s here, marked by bitcoin’s nearly 40% decline from its all-time high of $69,000 hit in November 2021.
However, some analysts say that the correction in crypto markets is likely to end, at least in early February.
Edward Moya, senior market analyst at OANDA said that the correction in cryptocurrency terminates when certain conditions are met. The conditions are that Bitcoin movement can be stable in the range of US$ 40,000 to US$ 50,000 levels and the recovery of several alternative cryptocurrencies (altcoin) main.
“The crypto market will recover if the Bitcoin movement can stabilize at range US$ 40,000-US$ 50,000 and the revival of some altcoins,” said Moya, quoted from CoinDesk, Thursday (27/1/2022).
CNBC INDONESIA RESEARCH TEAM
(chd / chd)
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