The price of Bitcoin, Ethereum, and other major cryptocurrencies reversed and fell in Friday’s trading (1/4/2022), amid the likely negative market sentiment today.
Launching data from CoinMarketCap at 09:00 WIB, Bitcoin fell 5.02% to a price level of US$ 45,026.74/coin or equivalent to Rp. 52% to the level of US$ 3,264.55/coin or Rp 46,846,293/coin.
While BNB fell 6.24% to US$ 423.45/coin (Rp 6,076,508/coin), XRP fell 5.56% to US$ 0.8202/coin (Rp 11,770/coin), Cardano slipped 5.5 % to US$ 1.13/coin (Rp 16,216/coin), Terra fell 5.52% to US$ 102.05/coin (Rp 1,464,418/coin), and Avalanche dropped 6.31% to US$ 95 .04/coin (Rp 1,363,824/coin).
After briefly holding out in the range of US$ 46,000-US$ 47,000, this morning Bitcoin corrected to the range of US$ 45,000. Not only Bitcoin, Ethereum and other major cryptocurrencies also corrected in the 4%-6% range.
“Bitcoin’s bullish momentum is definitely running out of steam and geopolitical risks that haven’t abated yet are likely to cap the recent rally,” said Edward Moya, senior market analyst at Oanda, quoted by CoinDesk.
“Bitcoin seems poised to consolidate and could be vulnerable to a decline towards the $44,500 level,” added Moya.
The correction in the crypto market occurred in the midst of a negative sentiment in the global market last Thursday until this morning.
The first negative sentiment came from the United States (US), where jobless claims data rose again in the week ending March 27, 2022.
Uncle Sam’s jobless claims for the week ending March 27, 2022 rose to 202,000 claims, from the previous week’s 188,000 claims.
Still from the US, the Labor Department’s Bureau of Economic Analysis reported that the personal consumption expenditure (PCE) price index rose 6.4% on an annual basis in February. This is the fastest increase since 1982.
Meanwhile, negative sentiment from crypto itself came from the European Union, where EU lawmakers voted in favor of controversial measures to ban anonymous crypto transactions.
The proposal is intended to extend the anti-money laundering (AML) requirements applicable to conventional payments of more than EUR 1,000 (US$1,114) to the crypto sector.
Investors are also closely monitoring the latest developments of the Russia-Ukraine conflict. Until now, the war that had weighed on world financial markets has entered a new chapter, with Russia and Ukraine already negotiating efforts to de-escalate the conflict.
However, Russian and Ukrainian troops were still fighting on Wednesday in Kyiv, where thuds and explosions were said to be heard throughout the city centre.