Purebun.com – Crypto Market Stagnant, Investors Are Still Anxious About Global Economy.
The largest cryptocurrency by market capitalization, Bitcoin managed to trade slightly above USD 31,200 or around IDR 451.5 million on Wednesday (8/6/2022). Almost flat for the previous 24 hours but up from an interim position below USD 29,300 in Tuesday afternoon trade.
Bitcoin continues to trade in a choppy price range amid widespread investor anxiety about inflation, geopolitical turmoil and the global economy.
Ethereum, the second-largest cryptocurrency recently fell more than 1 percent, trading just above the $1,800 level. The other major altcoins are mixed with more than 7 percent SOL. Overall, the crypto market sentiment is still bearish.
Web protocol Autonomous Network 3 CEO James Key said the market is continuing its long-term downtrend, but recent crypto-friendly laws in the US are providing short-term support.
“Because they proposed eliminating the (Security and Exchange Commission) which is notoriously too broad in terms of their jurisdiction over crypto,” Key said.
However, investors had much to worry about on Tuesday, June 7, 2022. The World Bank raised its 2022 forecast for global economic growth to 2.9 percent from 4.1 percent predicted in January.
Crypto Market Prediction Analyst Still Sluggish
Many analysts expect the crypto bear market to deteriorate in the near term, and Key noted bitcoin’s previous cycle of declines has bottomed out after an 85 percent decline in value over at least an 18-month period.
The market has now lost nearly 60 percent of its value since hitting an all-time high last November.
“I really doubt this is the basis. Moreover, the previous cycles were all in the long term equity bull market, whereas that was not true for the first time. When institutional investors eliminate risk, risk assets such as cryptocurrencies are the first to be sold, which suggests this has the potential to be a worse bear market,” said Key.
World Bank Group President David Malpass called the “risk” of stagflation a considerable “risk”. Later in the day, US Treasury Secretary Janet Yellen told the Senate Finance Committee she expected inflation to remain high and less than three weeks after posting disappointing first-quarter results.
This warns investors that profits will fall due to changes in consumer behavior that have created an imbalance in investment.
On the other hand, the US stock market has been swinging up and down in recent days as investors digest some of the shared tidbits versus the recent bad news. Stocks rose on Tuesday with the Nasdaq, S&P 500 and Dow Jones Industrial Average all up more than a percentage point.
Crypto Prices Wednesday Morning 8 June 2022
Previously, the price of bitcoin and the top cryptocurrencies were observed to experience mixed price movements on Wednesday morning (8/6/2022). The majority of the top-tier cryptocurrencies that managed to strengthen slightly yesterday are now weakening again and vice versa.
Based on data from Coinmarketcap, Wednesday morning, June 8, 2022, the crypto with the largest market capitalization, Bitcoin (BTC) weakened 0.14 percent in 24 hours and 0.90 percent in a week.
Currently, the price of bitcoin is at the level of USD 31,426.14 per coin or equivalent to IDR 454.5 million (assuming an exchange rate of IDR 14,465 per US dollar).
Ethereum (ETH) should also weaken again today. Over the past 24 hours, ETH edged down 1.44 percent and 5.18 percent in the week. That way, ETH is currently at USD 1,843.55 per coin.
The next cryptocurrency, Binance coin which is still weak since yesterday. In the last 24 hours BNB fell 1.53 percent and 8.30 percent for the week, respectively. That makes BNB priced at USD 292.90 per coin.
Other Crypto Prices
Then Cardano (ADA)
Then Cardano (ADA) is still strengthening since yesterday. In the past day the ADA was up 1.30 percent and 2.64 percent for the week, respectively. Thus, ADA is at USD 0.6251 per coin.
Meanwhile, Solana (SOL)
Meanwhile, Solana (SOL) should weaken this morning. Throughout the last one day SOL weakened 5.43 percent and 11.29 percent a week. Currently, the price of SOL is at the level of USD 40.55 per coin.
XRP is still going strong since yesterday. In the past day, XRP edged up 2.13 percent, but is still down 2.27 percent for the week. That way, XRP is now priced at USD 0.4116 per coin.
Stablecoin Tether (USDT) and USD coin (USDC)
Stablecoin Tether (USDT) and USD coin (USDC), today are both up 0.01 percent and 0.04 percent. This makes USDT at the level of USD 0.9993. While USDC is valued at USD 1.00.
Binance USD (BUSD)
Binance USD (BUSD) is down 0.09 percent in the last 24 hours. Even so, the price of BUSD is still at the level of USD 1.00.