Bitcoin price at noon today tends to rise slightly to the range of US$ 35,900, after being corrected to the range of US$ 32,000 on Monday night, Indonesian time.
As of 14:00 WIB, Bitcoin managed to strengthen 1.77% to a price level of US$ 35,905.94 per chip, equivalent to Rp. 515,250,239 per chip (assuming an exchange rate of Rp. 14,350/US$), according to data from CoinMarketCap.
The range of US $ 32,000 in Bitcoin became the lowest level in the last three months, where the lowest level of Bitcoin was still around the level of US $ 29,000 in July 2021, so the distance between the low of last night and the low of July last year is only about US $ 3,000.
On Monday evening Indonesian time, Bitcoin corrected to a level of US$ 32,982.11 per chip, equivalent to Rp. 471,644,173 per chip (assuming an exchange rate of Rp. 14,300/US$), according to Coin Metrics.
Bitcoin has corrected to around 45% from the all time high (ATH) level created in November 2021. The Bitcoin ATH level is in the range of US$ 69,000.
The cryptocurrency market has corrected since the start of 2022 trading, along with the correction in technology stocks since the beginning of the year. Investors have sold risky assets such as technology stocks, as they are still concerned about the potential tightening of monetary policy by the United States (US) central bank, The Federal Reserve (The Fed).
“It’s possible that macroeconomic concerns, such as the Fed’s response to inflation rates, have facilitated more risk-reducing activity in general,” said Juthica Chou, head of OTC options trading at crypto trading platform firm Kraken.
“The recent drop in prices, coupled with high volatility, could lead to further selling as investors and traders seek to reduce risk,” Chou added.
In addition, investors are still worried about rising global inflation. Inflation that is still hot has forced several central banks in the world, especially developed countries, to raise their benchmark interest rates to reduce the heat of inflation.
This was forced to be done even though economic conditions had not yet recovered due to the increase in the corona virus (Covid-19) due to the Omicron variant, which prompted the government to again implement emergency measures that would affect the economy of a country.
Investors are also assessing the impact of further regulation on the cryptocurrency market, where this is a crackdown by some state regulators on the crypto industry.
Last week, Russia’s central bank (The Central Bank of Russian Federation) again banned crypto-related activities, including the use and mining of cryptocurrencies.