The prices of the majority of major cryptocurrencies were traded in the red zone on Monday (14/3/2022) morning Indonesian time, as investors awaited the latest interest rate policy from the United States (US) central bank.
Launching data from CoinMarketCap at 09:00 WIB, only digital coins (tokens) Terra and stablecoin type tokens, namely Tether and USD Coin, are still strengthening today. Terra shot 2% to a price level of US$ 88.43/coin or equivalent to Rp. 1,264,991/coin (assuming an exchange rate of Rp. 14,305/US$).
While the rest are observed to weaken again. Bitcoin slumped 2.43% to a price level of US$ 38,075.65/coin or equivalent to Rp. 554.672,173/coin, Ethereum was corrected 2.26% to a level of US$ 2,529.21/coin or Rp. 36,180,349/coin.
Furthermore, XRP fell 3.38% to US$ 0.7627/coin (Rp 10,910/coin), Solana collapsed 3.14% to US$ 78.71/coin (Rp 1,125,947/coin), and Avalanche collapsed 4. 69% to US$ 67.63/coin (Rp 967,447/coin).
Here’s the movement of the top 10 cryptocurrencies by market capitalization today.
Bitcoin and Ethereum tended to stagnate, while other major cryptocurrencies were again corrected in trading earlier this week, as investors awaited the results of the US Federal Reserve (Fed) meeting, where the meeting will be held starting Tuesday local time and ending on Wednesday US time. .
The Fed is scheduled to make a decision to raise its benchmark interest rate on Wednesday afternoon US time or early Thursday Indonesian time.
According to Chief Interest Rate Strategist at Bank of America Global Research, Mark Cabana projects the Fed will raise its benchmark interest rate 5 times this year and 4 times in 2023.
High inflation in Uncle Sam’s country makes the Fed prepare to carry out a cycle of monetary tightening.
Referring to data from the US Department of Labor, inflation in February 2022 was recorded to increase to 7.9% year-on-year (yoy) and became the highest inflation increase since 40 years.
Not only that, analysts predict the increase in fuel prices will reach above 9% in March.
The impact of economic sanctions against Russia has triggered soaring commodity prices, making inflation rise, and the war in Ukraine which has kept volatility in world markets high.
In addition to waiting for the Fed’s latest interest rate decision, investors in crypto are also still monitoring the latest developments of the Russia-Ukraine conflict, where the effects of the war are starting to be felt in the shipping and air transport sectors.
Russian troops cut shipping routes, while local logistics companies suspended services and increased air fares as a result of the ongoing war.
Russia’s war with Ukraine which began on February 24 continues to make global stock markets, especially Wall Street, continue to decline, although there is little good news.
Russian President Vladimir Putin on Friday said there was “a positive direction in some areas” in talks with Ukraine. Meanwhile Ukrainian President Volodymyr Zelenskyy said the war with Russia had reached a “strategic turning point”.
However, the negotiations between the two countries did not discuss a ceasefire.