Purebun.com – Crypto Prices Today Sunday 12 June 2022: Ethereum and Solana Lead Corrections.
The price of bitcoin and other top cryptocurrencies held in the red on Sunday morning (12/7/2022). The price of ethereum and solana led the correction among the other top cryptocurrencies.
Based on Coinmarket data, Sunday morning, June 12, 2022, the cryptocurrency with the largest market cap, bitcoin (BTC) has slumped in the last 24 hours. The price of bitcoin fell 3.02 percent.
Now the bitcoin price is in the position of USD 28,324.86 or around Rp. 412.96 million (assuming an exchange rate of Rp. 14,580 per US dollar). In the last 24 hours, the price of bitcoin slumped 4.66 percent.
The price of ethereum has plummeted in the last 24 hours. The price of ethereum (ETH) plunged 9.35 percent. During the week, the price of ETH shrank 15.11 percent. Now the price of ethereum is in the position of USD 1,519.82 or around Rp. 22.14 million.
Then crypto BNB slumped 6.06 percent in the last 24 hours. In a week, the price of BNB decreased 8.99 percent. Currently, the price of BNB is at USD 271.13.
Cardano (ADA) prices have slipped 4.77 percent in the last 24 hours. During the week, Cardano prices fell 1.1 percent. Now the price of Cardano is in the position of USD 0.5547.
Meanwhile, the price of Solana (SOL) plunged 9.3 percent in the last 24 hours. In the past week, the price of Solana fell 11.94 percent. Solana’s price is now traded at USD 33.98.
The price of dogecoin is down 7.69 percent in the last 24 hours. The price of dogecoin (DOGE) shrank 13.83 percent over the past week. Currently, the price of Dogecoin is at USD 0.07012.
The next crypto XRP price fell 5.99 percent in the last 24 hours. The price of XRP plunged 7.98 percent in a week. Now the price of XRP is traded at USD 0.3607.
Meanwhile, stablecoin Tether (USDT) edged down 0.02 percent in the last 24 hours. In the week, USDT prices fell a limited 0.03 percent. Currently, the price of tether is at USD 0.999.
Meanwhile, the price of USD Coin has strengthened by a limited 0.02 percent in the last 24 hours. The price of the USD Coin is up 0.01 percent over the past week. Now the price of USD Coin is at USD 1.00.
Binance USD (BUSD) prices have gained a limited 0.18 percent in the last 24 hours. In the week, the price of Binance USD weakened a limited 0.14 percent. Now the price of Binance USD is at USD 1.00.
Volatile Crypto Market, Investors Look Distressed
Previously, the movement of the crypto asset market in the past week was still under pressure. Although, there was a comeback in the middle of the week, apparently it was difficult to continue.
Because, investors are still considered “shy cat” to go all-out in trading crypto assets. Overall a number of crypto assets, especially large caps, returned to the red zone in the past day. For example, Bitcoin is trading again with a value of USD 30,070 or down 1.28 percent in the last 24 hours, as observed from the CoinMarketCap site on Friday, June 10, 2022 at 15.00 WIB.
Tokocrypto trader Afid Sugiono said that trading in Bitcoin crypto assets will most likely continue to be around the level of USD 30,000 or around Rp. 438.59 million (assuming the exchange rate of the United States dollar against the rupiah is in the range of Rp. 14,620) in the near future. This is because investors are still waiting for the US economic inflation report which can trigger market expectations.
“Bitcoin value movements will most likely still be sideways at the level of USD 30,000. Investors are likely to be less enthusiastic about entering the crypto market due to the latest wait and see data on US inflation and the impact of the European Central Bank’s monetary policy announcement. If US inflation is still inflamed, then there is a possibility The Fed will raise its benchmark interest rate by 50 basis points this month,” Afid said, quoted from a written statement, Saturday (11/6/2022).
The European Central Bank has announced its first interest rate hike in more than a decade to tackle skyrocketing inflation.
This policy could be a signal for the Fed to tighten its monetary policy. It is estimated that inflation in the US is still well above 8 percent, the highest level in four decades.
“When the Fed raises its benchmark interest rate, the yield on fixed-income instruments will increase, as will the value of the US dollar. As a result, high-risk assets are seen as unattractive and become more expensive in the eyes of investors,” said Afid.
Overshadowed by Negative Sentiment
Negative sentiment also came from the World Bank, which cut its forecast for economic growth this year from 4.1 percent to 2.9 percent amid inflation concerns.
Meanwhile, the impact of Russia’s invasion of Ukraine continued with soaring crude oil prices. In addition to macroeconomic issues, stagnant crypto trading transactions are also caused by investors’ doubts about the bottom point of crypto asset prices, so they have not carried out a buy the dip strategy.
He considered that crypto assets were traded in price ranges that were just like that in recent times, some investors believe that the current price point is not the lowest point.
“This doubt has made the crypto market stagnant. Therefore, the market needs some new catalysts to get out of this sluggishness and it may take time for the market to be bullish,” said Afid.
The fate of the Luna 2.0 token in Indonesia
Discussions about the LUNA 2.0 (LUNA) crypto asset token are still being discussed. Afid said that currently Terra’s new network token, namely LUNA, cannot be traded in Indonesia, because it does not yet have a license from CoFTRA. Therefore, the airdrop as compensation for investors affected by the collapse of the old Terra network has not yet been realized.
“The LUNA airdrop will be sent to the last wallet address that has LUNC in Tokocrypto. They are entitled to an airdrop, but we are still in the study for LUNA, if we have listed LUNA, it can be accepted immediately,” said Afid.
Seeing current developments, Afid said that the LUNA 2.0 airdrop cannot be carried out in the Tokocrypto account wallet, because the crypto asset has not been registered with CoFTRA.
LUNA 2.0 is still undergoing review to fulfill due diligence as a registered crypto asset in accordance with CoFTRA Regulation No. 7 of 2020 concerning the Establishment of a List of Crypto Assets that can be Traded in the Crypto Asset Physical Market.