Jakarta, CNBC Indonesia – Bitcoin prices fell again in a week in the midst of global economic conditions full of uncertainty. This then makes the market see what happened again crypto winter.
Launch data from Coin Market Cap, at 12.00 WIB the price of Bitcoin fell by more than 10% in the last 24 hours to US $ 18,519.78/coin equivalent to Rp. 274,812,520. In 7 days, it weakened by 33.92%. Bitcoin is now near its lowest level since December 2020.
Ethereum, the cryptocurrency with the second largest market cap in the world, has even plunged more than 11% in the last 24 hours to US$966.39 equivalent to Rp. 14,340,096, and has fallen more than 34% in the last 7 days.
BNB and Cardano plunged more than 9% each in the last 24 hours, then XRP plunged more than 6%.
Back to Bitcoin as benchmark The crypto asset, since hitting an all-time high of US$68,789/coin on November 10, 2021, has continued to fall in price. This means Bitcoin has lost more than half its value from the record it hit 7 months ago.
Many estimates predict this decline to occur because Bitcoin’s resilience has not been tested. “I think Bitcoin will come to a price of US $ 15,000 equivalent to Rp. 228,615,000 / coin because there is a lot of negative sentiment,” explained Michael Purves.
The total crypto market cap, which hit $3 trillion in November, has now dropped below $1 trillion during Wall Street trading hours on Monday or lost $2 trillion according to Coin Gecko. If converted into IDR 29,476 trillion equivalent.
“The fundamentals to support stabilization and recovery are not there,” said Steven McClurg, co-founder and CIO at crypto fund manager Valkyrie Investments. “Things can and will likely get worse before they get better.”
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