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The Fed Gets More Aggressive, Bitcoin cs Collapses Again

admin · April 24, 2022 ·

The prices of major cryptocurrencies tended to correct in trading Friday (22/4/2022) morning Indonesian time, as investors responded negatively to the statement by the chairman of the United States (US) central bank regarding further monetary policy.
Launching data from CoinMarketCap at 09:00 WIB, Bitcoin fell 2.7% to a price level of US$ 40,545.3/koin or equivalent to Rp. 582,232,375/coin (assuming an exchange rate of Rp. 14,360/US$), Ethereum fell 3, 18% to the level of US$ 2,999.58/coin or Rp. 43,073,969/coin.

As for other alternative digital coins (tokens) (altcoins), namely XRP, which fell 3.31% to US$ 0.732/coin (Rp 10,512/coin), Solana fell 4.51% to US$ 102.12/coin (Rp 1,466. 443/coin), Terra slipped 3.4% to US$ 92.22/coin (Rp 1,324,279/coin), and Avalanche dropped 4.1% to US$ 75.81/coin (Rp 1,088,632/coin). ).

Here’s the movement of the 10 major cryptocurrencies today.

Crypto
The crypto market, which had previously recovered, today turned back towards the correction zone, following the global stock market following the statement by the chairman of the US central bank (Federal Reserve / The Fed) regarding future monetary policy.

Investors in risk assets markets, both in stock and crypto markets, tended to respond negatively to Fed chairman Jerome Powell’s remarks suggesting that a bigger rate hike may be at the next monetary policy meeting, in this case the May issue.

“It’s time to move a little faster in raising interest rates. I also think there is something to be said for the front-end loading any accommodations that deem appropriate. … I would say 50 basis points will be discussed for the May meeting,” Powell said. in the International Monetary Fund (IMF) Forum.

Prior to Powell’s comment, San Francisco Fed President Mary Daly, Chicago’s Charles Evans, and Atlanta’s Raphael Bostic had said they saw the need to raise interest rates to tame inflation, but didn’t want to stop the expansion.

Daly acknowledged that tighter policies could trigger a mild recession. St. Louis Fed President James Bullard said earlier in the week that he was open to an option for a 0.75% increase at the May meeting to help curb inflation, which is now the highest in 40 years.

On the other hand, investors also responded negatively to the soaring yield of 10-year US Treasury bonds to the level of 2.9%.

At 5:05 p.m. US time, the 10-tenor Treasury yield jumped 7.2 basis points (bps) to 2.908%. This level is the highest level since 2018.

Although Bitcoin and most cryptocurrencies have fallen again, some alternative cryptos (altcoins) are still superior to Bitcoin today.

Like Tron’s TRX tokens which jumped 14% today and The Graph’s GRT tokens also shot up to 6%.

On the other hand, the world’s largest crypto exchange company, Binance, has deactivated the accounts of its main client in Russia, as a result of the economic sanctions imposed by the European Union on Russia.

Binance informed its users in Russia, where both individual and corporate users with cryptocurrencies worth more than 10,000 euros (US$ 10,900) will be barred from making new deposits or trades.

However, affected clients can still withdraw their funds.

Binance, along with Coinbase Global Inc and Kraken, have rejected calls from Kyiv for a complete ban on Russian users after Russian President Vladimir Putin carried out his military aggression in Ukraine.

Controlled Safe! Giant Crypto Asset Still Green This Morning

admin · April 21, 2022 ·

The prices of major cryptocurrencies tend to vary in trading Thursday (21/4/2022) morning Indonesian time, where uncertainty in global conditions is still a concern for investors in crypto today, although their risk appetite tends to recover.
Launching data from CoinMarketCap at 09:00 WIB, Bitcoin rose 0.76% to a price level of US$ 41,672.17/coin or equivalent to Rp. 597,370,557/coin (assuming an exchange rate of Rp. 14,335/US$), Ethereum increased by 0, 28% to US$ 3,098/coin or Rp 44,409,830/coin, BNB edged up 0.1% to US$ 421.53/coin (Rp 6,042,633/coin), and Terra rose 1.09% to the US $95.25/coin (Rp 1,365,409/coin).

Meanwhile, XRP fell 1.79% to US$ 0.7561/coin (Rp 10,839/coin), Solana fell 1.18% to US$ 106.83/coin (Rp 1,531,408/coin), Cardano fell slightly 0 0.02% to US$ 0.9456/coin (Rp 13,555/coin), and Avalanche weakened 0.78% to US$ 78.84/coin (Rp 1,130,171/coin).

Here’s the movement of the 10 major cryptocurrencies today.

Crypto
Bitcoin and other major cryptocurrencies are likely to be flat on the day amid losses in some tech stocks in the US, after streaming service company Netflix reported losing 200,000 subscribers in Q1-2022.

Netflix’s own shares fell by 35%. Shares of other streaming services also affected Netflix’s stock collapse, such as Disney, Roku, Warner Bros. Discovery, and Paramount.

Meanwhile, several alternative cryptocurrencies (altcoins) are back ahead of Bitcoin today, such as Terra and Polkadot (DOT). Terra rose 1.09% and Polkadot jumped 3.14%.

The chart above shows the CoinDesk DeFi Index (DFX) compared to the CoinDesk Large Cap Index (DLCX). Usually, during market rallies, DeFi and altcoins outperform Bitcoin due to their higher risk profile.

The current downtrend in the DeFi index appears to be slowing, which could indicate a brief rise in bullish sentiment in the crypto market.

In the news regarding the non-fungible token (NFT), a tweet from a pseudonymous profile sparked a 24% rally in the price of NFT ApeCoin (APE), a token associated with the Bored Ape Yacht Club (BAYC) NFT project.

Trading volume in the NFT market edged higher last week, albeit at a much lower rate than last year’s peak. Such increases could reflect increased speculative behavior among crypto traders, which usually occurs when market sentiment is bullish.

Still related to NFT, crypto exchange company Coinbase officially launched the beta version of the NFT marketplace last Wednesday, where this launch has been long awaited by users.

This allows a small group of users from a waiting list of 3 million to use the Coinbase platform for NFT transactions for the first time.

The marketplace, which was first announced last October, will support Ethereum-based NFT trading, where the difference from other NFT marketplaces is its social media loop.

There is Bad News for Bitcoin Crypto Lovers, Dare to Read?

admin · April 19, 2022 ·

Bitcoin cryptocurrency is predicted to be depressed in the short term. There are even those who predict the presence of Bitcoin will not last long as a commodity.
One of these estimates was conveyed by the CEO of crypto lending Nexo, Antoni Trenchev. Quoting CNBC International, Trenchev said Bitcoin may fall in tandem with traditional financial markets as the Federal Reserve begins to roll back its massive monetary stimulus program.

Then, a senior professor of international trade policy at Cornell University Eswar Prasad said Bitcoin would be short-lived.

“Bitcoin itself may not last much longer,” he said in a Squawk Box Europe interview at the end of 2021.

There are a number of reasons behind this. First, Bitcoin is considered less environmentally friendly and inefficient.

“Bitcoin’s use of blockchain technology is very inefficient. Bitcoin’s carbon footprint is larger than the whole of New Zealand,” said the author of “The Future of Money: How the Digital Revolution is Transforming Currencies and Finance”.

Bitcoin is also said to not function well as a medium of exchange. He said there was no fundamental value.

“Given that Bitcoin doesn’t function well as a medium of exchange, I don’t think it will have any fundamental value other than whatever investor confidence it has,” Prasad said.

He believes Bitcoin will be eroded by hundreds of other cryptocurrencies that are now emerging with a number of advantages. However, he does not deny that Bitcoin has sparked a profitable revolution, directly or indirectly.

No matter how high US inflation is again, Bitcoin and friends are bright again

admin · April 16, 2022 ·

The prices of Bitcoin, Ethereum, and other major cryptocurrencies returned higher in trading Thursday (14/4/2022), dispelling some of the bearish sentiment over the past few days.
Launching data from CoinMarketCap at 09:00 WIB, Bitcoin shot up 3.93% to a price level of US$ 41,451.97/coin or equivalent to Rp. 594,835.770/coin (assuming an exchange rate of Rp. 14,350/US$), Ethereum strengthened by 3, 66% to the level of US$ 3,139.03/coin or Rp 45,045,081/coin.

Meanwhile, alternative tokens (altcoins) such as XRP rose 2.52% to US$ 0.7342/koin (Rp 10,536/koin), Solana jumped 3.84% to US$ 107.14/coin (Rp 1,537,459/koin). ), Cardano appreciated 3.56% to US$ 0.9835/coin (Rp 14,113/coin), Terra flew 7.05% to US$ 89.6/coin (Rp 1,285,760/coin), and Avalanche jumped 5 ,88% to US$ 81.25/coin (Rp 1,165,938/coin).

The crypto market is starting to recover after being corrected in the last few days, as investors are worried about rising inflation in the United States (US) and the potential attitude of the US central bank (Federal Reserve / The Fed) to become increasingly hawkish.

Although starting to recover, traders still tend to be cautious in the midst of uncertain global conditions because the Russia-Ukraine conflict has not shown any signs of peace.

“Traders’ behavior today appears to be shifting from the dominance of realized losses, towards taking small profits. 58% of Bitcoin transaction volume is currently realizing gains,” said Glassnode, in its daily research report, quoted by CoinDesk.

Earlier on Tuesday US time, the US Department of Labor reported that the inflation rate from the consumer side (Consumer Price Index/CPI) in March 2022 reached 8.5% compared to the same period the previous year (year-on-year/yoy).

This figure is higher than market consensus compiled by Reuters with an estimate of 8.4% and is the highest on record since December 1981.

Meanwhile, inflation from the US producer price index (PPI) in March jumped 11.2% on an annual basis (yoy).

The rising US CPI and PPI data further strengthened market confidence that the US central bank (Federal Reserve / The Fed) would raise its benchmark interest rate faster.

Market consensus compiled by Reuters predicts the Fed will increase the Federal Funds Rate by 2.5 percentage points this year. If realized, it would be the first since 1994.

Even so, there is speculation that inflation in Uncle Sam’s country has reached its highest point and will gradually weaken.

On the other hand, the planned Ethereum merger is no longer expected in June. After weeks of speculation, Ethereum core developer Tim Beiko confirmed in a tweet on Tuesday that the long-awaited Ethereum merger will come later than expected.

Instead of taking place next June, Beiko said the network’s transition to proof-of-stake is more likely “in the next few months.”

“This merger was supposed to take place in June, but probably in the next few months. No exact date yet, but we’re definitely in the final chapter of PoW on Ethereum,” Beiko tweeted.

Bitcoin ATM Made by Indonesian Netizens, Minimum Exchange IDR 1,500

admin · April 13, 2022 ·

Interest in cryptocurrency made Twitter account owner, Roaringstars create a Bitcoin exchange platform based on Lightning Network.
He developed a program called Lightning ATM (Toy) which can convert Rupiah to Satoshi, the smallest nominal of Bitcoin. When contacted via Direct Messages, Roaringstars explained the background of the birth of the platform.

According to him, the majority of people recognize cryptocurrency as an asset or investment that can generate large returns, but that is not the case. He wanted at least people to know the risks they could face when using cryptocurrencies.

“From here I thought, how to prevent people from putting too much of their money in crypto, one way is to provide space for trial or study but the nominal is very small,” he told CNBC Indonesia, Wednesday (13/4). /2022).

How to use

How to use this Lightning Bitcoin ATM is quite simple. First open the website roaringstars.com, then click ‘Save Config & Reboot’. Then click on the words ‘please deposit rupiah’.

Choose the option to deposit between IDR 1,500 or IDR 10,000. After that, agree to the terms and conditions by clicking ‘Agree & Deposit’. The ATM will then start generating the QRIS code.

Then users can make payments by scanning the QRIS code via OVO, GoPay, to BCA.

After completing the payment process, users will get a QR code that is used to transfer Satoshi to crypto wallets that support LNURL such as Muun, BlueWallet, to Wallet of Satoshi.

The website roaringstars.com was developed from January 2022. Currently, the platform is still available in beta. According to him, there have been around 500 successful transactions.

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