Jakarta, CNBC Indonesia – The fall in the price of bitcoin and its friends in the global crypto ‘currency’ market made at least US $ 260 billion or the equivalent of Rp. 3,770 trillion (Rp. 14,500 / US $ exchange rate) disappear from the trading market cryptocurrency international.
Reported by CNBC International, in the last 24 hours the price of bitcoin fell by almost 10% and broke through the price of US $ 49,281.40 / coin (Rp. 715 million) according to CoinDesk data.
The ethereum price also fell to US $ 2,202.05, (Rp 32 million), down more than 11%. As for the XRP price, cryptocurrency the fifth largest, falling more than 22%, according to price tracking site CoinMarketCap.
It’s unclear what triggered the sell-off though cryptocurrency known for its wild price swings.
“The market has been running quite high overall, and will probably cool off before the next move,” said Vijay Ayyar, head of business development at the exchange. cryptocurrency Luno, told CNBC by email, quoted Friday (23/4/2021).
On Thursday (22/4/2021), the United States stock index (AAS) also fell after being affected by reports that US President Joe Biden was considering a tax increase from capital gain for the rich in America. The tax will increase to up to 43.3%.
In his proposal, the average tax increase would be 39.6% for those who earn US $ 1 million or around Rp.14.5 billion or more. This will increase by 20% from the current.
“There’s also a broader stock market downturn, which might as well affect all risk assets [termasuk bitcoin cs], “added Ayyar.
This year alone, bitcoin has increased 71% and ethereum’s price has strengthened 200%.
The driver of rising prices is due to an increase in bitcoin purchases by institutional investors. Companies such as Tesla and Square have also purchased billions of US dollars worth of bitcoins.
Banks are also trying to allow their clients to get involved in the bitcoin market. In March, Morgan Stanley said it was rolling out access to three funds that allow bitcoin ownership, CNBC reported.
However, concerns over regulatory crackdown especially from some countries’ central banks on bitcoin continue to cloud the market.
Jesse Powell, CEO of a large cryptocurrency exchange called Kraken, warned the government could curb the use of bitcoin and other cryptocurrencies.
India plans to introduce laws to prohibit trade or even property cryptocurrency. In February, US Treasury Secretary Janet Yellen called bitcoin a “highly speculative asset” and said she was worried about potential losses for investors.
Authorities around the world are looking for ways to regulate bitcoin. The Deputy Governor of the People’s Bank of China, called bitcoin an “alternative investment” last week, which marked a more progressive tone on this cryptocurrency after harsh crackdowns by state regulators on the industry in 2017 and 2018.
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