rev, CNBC Indonesia
Market
Thursday, 19/10/2023 10:15 WIB
Photo: Pedestrians pass by an advertisement featuring the Bitcoin cryptocurrency token in Hong Kong, Tuesday (15/2/2022). (Photo by Anthony Kwan/Getty Images)
Jakarta, CNBC Indonesia – The crypto market weakened simultaneously in the last 24 hours amid the issue of a spot Bitcoin ETF possibly not being approved this year and United States (US) bond yields hitting record highs.
Referring from CoinMarketCap on Thursday (19/10/2023) at 05.42 WIB, the majority of the crypto market experienced a decline. Bitcoin fell 0.50% to US$28,319.22 despite a weekly jump of 5.78%.
Ethereum edged up 0.09% in the last 24 hours and in the last seven days weakened 0.12%.
Solana corrected 1.76% daily despite flying 7.30% weekly.
Likewise with Cardano which is down 1.30% in the last 24 hours and weekly is in the negative zone of 1.46%.
The CoinDesk Market Index (CMI), which is an index for measuring the market capitalization-weighted performance of the digital asset market, fell 0.41% to 1,145.72. Open interest depreciated 0.69% at US$24.69 billion.
Meanwhile, reported from Alternative.methe bitcoin fear & greed index was recorded at position 50, which is in the neutral category or slightly lower compared to yesterday (18/10/2023) which was at number 52 in the neutral category too.
Meanwhile, the fear & greed index which was reported from coinmarketcap.com shows the number 47 which shows that the market is in a neutral phase with the current economic and crypto industry conditions.
Currently, one big event coming from the bitcoin spot ETF is still dominating crypto market movements, so the development of this sentiment will have a significant impact on crypto.
According to analysts, Cointelegraph’s Spot ETF fake tweet news on Monday (10/16/2023) caused a BTC spike to over US$2000 followed by a reversal, revealing the industry’s strong expectations for this event.
However, the Securities and Exchange Commission (SEC) is not expected to approve any applications or conversions for BTC spot ETFs this year, according to cryptocurrency analysis firm QCP Capital.
This leaves BTC’s larger trend dependent on macro headwinds for the remainder of Q4, either below 25K or above 32K, according to the analyst.
The company also stated that the risk to shares and bonds still points to the downside. According to analysts, the sale of both could lead to a major risk balance disaster. Analysts argue that if BTC proves to be a safe haven in this sell-off, it could be the start of a huge multi-month BTC bull market.
QCP Capital is closely following this week’s US earnings report and Federal Reserve Chair Jerome Powell’s speech on Friday. The company is very interested in Tesla’s earnings and whether they sell their remaining 25% of BTC after announcing in their earnings report last year that they had sold 75% of their assets (30,000 Bitcoin).
On the other hand, pressure on the crypto market also occurred after at the close of trading yesterday (18/10/2023), the 10-year US Treasury bond reached a new high in several years as investors digested the latest economic data and considered the outlook for US central bank interest rates. (The Fed).
Reporting from Refinitivthe 10-year Treasury yield rose to 4.91%, rising above 4.9% for the first time since 2007. As a result, investors could potentially shift their funds to bonds rather than risk assets such as crypto and lead to a decline in crypto prices.
CNBC INDONESIA RESEARCH
Watch the video below:
Markets are wary of news from the Fed & BI, will the Rupiah continue to weaken?
(rev/rev)
2023-10-19 03:15:43
#Crypto #Turning #Red #Losing #Sexy #Bonds
