After breaking the latest record yesterday, Bitcoin prices are now starting to decline

Lovata Andrean

After breaking the latest record yesterday, Bitcoin prices are now starting to decline
After breaking the latest record yesterday, Bitcoin prices are now starting to decline

Rancakmedia.com – The prices of the majority of cryptocurrencies with the largest market capitalization fell in trading Friday (22/10/2021) morning Indonesian time, after strengthening on the previous day.

Based on statistics from CoinMarketCap at 09:00 WIB, among the eight cryptocurrencies with the largest non-stablecoin market capitalization (big cap), only the digital coin Solana was still able to strengthen this morning.

Solana jumped 10,61 percent to a price level of US$ 201,82/coin or the equivalent of IDR 2.845.662/coin (assuming today's exchange rate is IDR 14.100/US$).

Meanwhile, the rest traded in the weakening zone this morning. Bitcoin fell 3,25% to a price level of US$ 62.628,15/coin or Rp. 883.056.915/coin, ethereum weakened 1,7% to US$ 4.103,63/coin (Rp. 57.861.183/coin).

Furthermore, Binance Coin fell 4,81 percent to US$ 476,5/coin (Rp. 6.718.650/coin), Cardano fell 3,12% to US$ 2,16/coin (Rp. 30.456/coin), Ripple corrected 3,36, 1,1 percent to US$ 15.510/coin (Rp. 1,71/coin), polka dot was cut 43,49 percent to US$ 613.209/coin (Rp. 0,2445/coin), and dogecoin depreciated to US$ 3.447/coin ( IDR XNUMX/coin).

Bitcoin appeared to fall this morning, after the digital coin with a market value of more than US$ 1 trillion hit a new all-time high of around US$ 67.000.

Bitcoin Price Starts to Decline

Bitcoin's new record high was set on Wednesday (20/10/2021), when ProShares, a company focused on the Bitcoin Strategy Exchange-Traded Fund (ETF) began trading on the New York stock exchange this week.

The debut of a bitcoin ETF raised $570 million in assets and generated $1 billion in trading activity on its first day, one of the most successful ETF launches of all time.

Some analysts believe that the decline in bitcoin prices that began on Thursday (21/10/2021) appears more like a short-term correction, unlike the correction in May to July.

Earlier this week, experts stated that they still see positive signs in the bitcoin charts. They still believe bitcoin will reach the level of US$80.000, US$86.000, maybe US$100.000.

“Long-term investors don't seem to be selling, so this is likely just a short-term correction,” said Lucas Outumuro, head of research at IntoTheBlock, quoted by CoinDesk.

Meanwhile, according to Laurent Kssis, director of CEC Capital, after four days of strengthening, it is time for bitcoin to rest for a moment before bitcoin continues its strengthening which tends to strengthen.

“The market remains optimistic overall,” Kssis said, according to CoinDesk.

On the other hand, according to Nikolaos Panigirtzoglou, JPMorgan analyst in his research study stated that there has been a shift from gold ETFs to bitcoin ETFs since last September, and now bitcoin already has incentives for investors to gain exposure to bitcoin.

JPMorgan also saw a shift in investor inflow in bitcoin in recent days and kept the bitcoin trend positive until the end of the year.

Conclusion Regarding Bitcoin Price Starting to Decline:

The prices of the majority of cryptocurrencies with the largest market capitalization fell in trading Friday (22/10/2021) morning Indonesian time. Bitcoin fell 3,25% to a price level of US$ 62.628,15/coin or Rp. 883.056.915/coin.

Bitcoin price began to decline below US$80.000 on Thursday (21/10/2021). Analysts believe this is likely a short-term correction. The debut of a bitcoin ETF generated $570 million in assets and $1 billion in trading activity on its first day.

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Lovata Andrean

Hi, I'm Lovata, I'm not Ai but I am a content writer for SEO, Technology, Finance, Travel, Cooking Recipes and others. I hope this can be useful for all my friends. Thanks