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Crypto Prices Start Flying, Ethereum is the Most Cushy
.Jakarta, CNBC Indonesia - Cryptocurrency prices managed to rebound to the green zone during trading Thursday (22/7/2021) morning Indonesian time, where the crypto rebound began on Wednesday (21/7/2021) afternoon Indonesian time.
Based on data from CoinMarketCap at 09:15 WIB, the six largest non-stablecoin cryptocurrencies rebounded into the green zone this morning.
The digital coin with the second largest market capitalization, namely Ethereum, led the largest crypto market strengthening today, which skyrocketed 10.69% to the level of US$ 1,978.31/coin or equivalent to Rp. 28,665.712/coin (assuming an exchange rate of Rp. 14,490/US). $), while the first largest-cap cryptocurrency, Bitcoin rose 7.1% to US$ 31,929.26/coin (Rp 462,654,977/coin).
Next Cardano flew 9.27% to the level of US $ 1.16/coin or equivalent to Rp 16,808/coin, Binance Coin jumped 8.55% to US$ 288.99/coin (Rp 4,187,465/coin), Dogecoin increased 7.74% to US$ 0.1875/coin (Rp 2,717/coin), and Ripple strengthened 6.6% to US$ 0.5641/coin (Rp 8,174/coin).
Bitcoin and other cryptocurrencies began to recover since Wednesday (21/7/2021) afternoon, after the sell-off that occurred and caused the price of Bitcoin and other cryptocurrencies to weaken for three consecutive days.
The crypto market experienced a significant sell-off last Tuesday (20/7/2021), with Bitcoin falling below the $30,000 level or around the $29,000 level for the first time since June 22.
The previous decline came after the New Jersey attorney general issued a termination letter to crypto lending firm BlockFi, in which it ordered it to stop offering interest-bearing accounts.
The reason for the crypto rebound on Wednesday afternoon remains unclear. Crypto is often subject to severe price swings.
Bitcoin, for example, previously touched an all-time high of nearly $65,000 in April, then a few weeks to the following month, the value of Bitcoin has halved.
Meanwhile, the price of Ethereum briefly jumped around 1.5% on Wednesday afternoon, after Tesla CEO Elon Musk revealed that he owns several cryptocurrencies, including Bitcoin and Dogecoin, during the online event "The B Word".
On the other hand, Vijay Ayyar, head of cryptocurrency exchange in Asia-Pacific Luno said that Wednesday's crypto market rebound was likely a form of dead cat bounce.
Dead cat bounce is a technical analysis that shows the continuation of the downward trend. An asset is said to be experiencing a dead cat bounce when its price plummets, then slowly reverses up as if it were about to rise. But after that it went down again.
Unless Bitcoin can rise above $32,000 - $33,000, Ayyar expects more downside, with Bitcoin potentially falling lower to the $24,000 - $25,000 range.
“We saw a broad market rally across the board last night, but I think crypto is just playing around with it,” Ayyar told CNBC International.
Crypto is already on a downward trend amid increasing crackdown on the crypto industry from regulators around the world.
In China, authorities have been trying to stamp out crypto mining. Meanwhile in the UK and much of Europe, crypto exchange company Binance is facing increasing pressure from respective country regulators.
CNBC INDONESIA RESEARCH TEAM