rev, CNBC Indonesia
Market
Friday, 09/15/2023 12:50 WIB
Jakarta, CNBC Indonesia – The crypto market has experienced an increase in the last 24 hours amid optimism that United States (US) interest rates will not increase.
Referring to CoinMarketCap on Friday (15/9/2023) at 09.56 WIB, the crypto market experienced strengthening. Bitcoin rose 1.31% to US$26,602.56 and was up 1.41% on a weekly basis.
Ethereum appreciated 0.72% in the last 24 hours and in seven days weakened 0.73%.
XRP strengthened 2.92% daily and fell 1.37% in a week.
Likewise, Dogecoin has strengthened 1.45% in the last 24 hours and is still weakening 2.19% on a weekly basis.
The CoinDesk Market Index (CMI), which is an index for measuring the market capitalization-weighted performance of the digital asset market, rose 1.37% to 1,115.81. Open interest appreciated 3.07% at US$23.90 billion.
The Fear & Greed Index reported by coinmarketcap.com shows the number 38. This number is higher compared to yesterday (14/9/2023) which was at 34, which means the market is still afraid/pessimistic even though there is starting to be a little optimism.
In the midst of the crypto correction in the last few weeks, the last few days have seen bitcoin increase. Bitcoin bullish flows occur during bitcoin corrections. This is good preparation for a potential future bitcoin rally.
Reporting from coindesk.com, the percentage of circulating supply that remains inactive for more than a year is close to 70%. Long-term holders control more than 75% of the circulating supply.
Glassnode designates long-term holders as addresses that hold coins for at least 155 days.
Apart from that, from the United States (US), inflation was recorded to have increased to 3.7% on an annual basis or year-on-year (yoy), higher than the consensus of 3.6% yoy and the previous month of 3.2% yo.
This high inflation does not cause much concern for market players, especially in terms of interest rates. Even though US inflation has grown for two consecutive periods, a survey from the FedWatch tool shows that 96% think the US will hold its interest rates while another 4% say the US will raise its interest rates by 25 basis points (bps).
If US interest rates are properly held, then this will be a positive sentiment for risk assets such as crypto to return to strengthening.
CNBC INDONESIA RESEARCH
Watch the video below:
US & China News Makes You Anxious, Is Rupiah and IHSG Strong?
(rev/rev)
2023-09-15 05:50:31
#Crypto #Party #Continues #Money #Hunters #Ready
