Bitcoin Prices Drop Every Day Here's the Reason

Lutfi

Bitcoin Prices Drop Every Day Here's the Reason

Rancakmedia.com – Here are the daily reasons why bitcoin prices are still falling. Quoting from coindesk, the price of Bitcoin fell to below 19.000 US dollars.

This value is down from around 20.000 US dollars (around Rp. 296 million) per chip last week. Reasons behind the recent drop in bitcoin value

It is people selling their assets or liquidating their cryptocurrencies that drives cryptocurrency prices down, as is well documented.

Genesis, a digital asset underwriting company, sent market analysts to make the announcement. "We see that the liquidation process has an effect on decreasing cryptocurrency prices and at the same time giving rise to negative sentiment in the market,"

"This certainly triggers more liquidations and other negative sentiments in the minds of investors," said an analyst from Genesis.

Based on Coinglass statistics, the liquidation value in the crypto market was recorded at 566 million US dollars (around Rp. 8,2 trillion) during the previous 24 hours. With a total of 271 million dollars, Bitcoin has the largest liquidation rate of all these assets (around IDR 4 trillion).

Not Just Bitcoin, Ethereum Prices Also Dropped

Another well-known cryptocurrency that is also experiencing a decline is Ethereum (ETH) (ETH). Ethereum also plunged below $1.000 per chip for the first time since January 2021.

According to Coindesk statistics, the price of Ethereum is now at 951 US dollars (around Rp. 14 million) per chip on Sunday (19/6/2022).

Both cryptocurrencies have now fallen into the bear market category as a result of this crash. When the asset value finance, stock, or currency has fallen more than 20% from its previous peak.

Bitcoin Price Still in the Red Zone and Dropping

Namely, with a decrease of 7,12 percent in the previous 24 hours to the level of 19.016 US dollars or the equivalent of Rp. 275 million (exchange rate of Rp. 14.500 per US dollar) (exchange rate of Rp. 14.500 per US dollar).

Then, Tether (USDT) which has the same performance as Bitcoin. Both Tether and USD Coin fell less than one-tenth of a percent, trading at $0,998 and $1 respectively.

Today the weakening of crypto prices also occurred in the BNB crypto asset which corrected 8,73 percent to the level of 197,19 US dollars. Binance USD continued to fall 0,24 percent to 0,99 US dollars.

Cardano (ADA) fell 6,37 percent this morning and is now trading at US$0,45. Furthermore, XRP fell 4,19 percent to 0,30 US dollars, Dogecoin weakened 7,06 percent to 0,05 US dollars.

The only crypto asset with the 10th largest market capitalization in the green is Solana (SOL). This asset rose 2,95 percent to 31,77 US dollars.

Until this week, the Bitcoin cryptocurrency failed to rally and returned to the US$20.000 to US$23.000 range. In the past, Bitcoin prices have risen slowly before falling suddenly. This may take anywhere from a few months to more than a year.

Cryptocurrency traders and speculators call these periods “cycles” and often refer to previous price levels when setting new price goals.

Some cryptocurrency traders also speculate that bitcoin will not fall like the low point of the last cycle.

BTC Market Touches IDR 5.190 Trillion

Bitcoin (BTC) market capitalization has reached IDR 5,190 trillion, a record low. The price of bitcoin (BTC) fell below the price level of USD 18.500 or Rp. 274,35 million (assuming an exchange rate of Rp. 14.830 per US dollar) for the first time on Saturday 18 June 2022. The price of bitcoin failed to return to the range of USD 20.000-USD 23.000 or around Rp. 296,60 million-Rp. 341,09 million.

However, Bitcoin prices remained relatively stable during the week. The price of bitcoin is currently trading at around US 18.319 or around Rp. 271,67 million. Bitcoin fell 10,8 percent over the previous 24 hours. The market value of bitcoin fell to around USD 350 billion or around IDR 5.190 trillion.

Bitcoin's price loss is about 73 percent from its all-time high in November, according to CoinGecko. The drop in bitcoin prices marks a sizable correction from bitcoin's all-time high during the previous crypto cycle.

Historically, bitcoin has experienced periods of rising prices without severe corrections, generally lasting several months to two years. Traders and speculators in cryptocurrency refer to these time periods as cycles and often use previous price levels to create new price targets.

Many traders crypto think that bitcoin will not fall below its previous high. It looks at ideas that persisted throughout the 2018 downturn, but have since been discredited for the current cycle. During bitcoin's 2017 bull run, bitcoin touched a peak of USD 19.783 in December 2017 before sliding down a month later.

Throughout the 2013-2014 cycle, bitcoin reached an all-time high of USD 1.127 at that time, a level the cryptocurrency managed to maintain during the 2018 downturn.

Other top-tier cryptocurrencies have fallen along with the price of bitcoin. Ether prices fell 12,4 percent to $948, well below the 2017-2018 cycle high of $1.448.

Other cryptocurrencies with lower adjustments included the price of solana, which fell 8,6 percent to USD 29,08. Cardano (ADA) price plunged 9,1 percent to 44 cents. In the previous 24 hours, the price of XRP had fallen by 6,1% to 30 cents.

Bitcoin Coin Hits Lowest Level Since December 13, 2020

Previously, the price of bitcoin fell again below USD 20.000 on Saturday, June 18 2022. The price of bitcoin had touched the position of USD 18.740 or around Rp. 277,91 million (assuming an exchange rate of Rp. 14.830 per US dollar), the lowest level. since December 13, 2020.

With investors increasingly fearful of risk, the world's most popular crypto asset has dropped more than 72 percent in value since hitting a peak of USD 68.991 on November 10, 2021.

While it fell as low as USD 18.740 on June 18, 2022, bitcoin price rebounded as high as USD 18.941 at 1550 GMT, down 8% from Friday's trading. This was quoted as saying by Channel News Asia, Sunday. June 19, 2022.

Other major digital currencies also slumped on Saturday this week including ether which lost more than 10 percent of its value. Global stock markets have also fallen this week on concerns that increases in inflation-fighting interest rates by the Federal Reserve (The Fed) and other central banks might trigger a recession.

The worldwide crypto market value slipped below the $1 trillion barrier on Monday, June 13, 2022 after reaching $3 trillion in November 2021.

Crypto Platforms Face Pressure As Bitcoin Prices Plummet

Withdrawal restrictions from two cryptocurrency sites have intensified the decline in bitcoin prices. Due to current market conditions, Celsius Network has decided to suspend all withdrawals, exchanges and account transfers.

As reported by Babel Finance, the company is experiencing a “unique” cash problem. Major exchange Binance has temporarily suspended bitcoin withdrawals and encouraged clients to utilize alternative networks.

Additionally, Coinbase reported on Monday, June 13, 2022, it cut 18 percent of its employees, about 1.100 positions blaming the tight economy and expanding too quickly.

CEO Brian Armstrong of Coinbase believes that after a decade of economic growth, “we appear to be facing a recession.”

In recent years, the crypto industry has benefited from significant financial inflows thanks to the relaxed policies of the world's largest central banks. However, high inflation has prompted tighter monetary policies around the world that are driving cryptocurrencies to plummet.

Crypto Prices Sunday Morning June 19, 2022

Last week (19/6/2022), the prices of bitcoin and other top cryptocurrencies were mainly negative. Bitcoin's value has fallen below the USD 20.000 mark once again.

On Sunday, June 19, 2022, according to statistics from Coinmarketcap, the leading cryptocurrency by market capitalization, bitcoin (BTC), has fallen by 8,1% in the last 24 hours. Bitcoin's value fell 33,42 percent this week. Now the price of bitcoin is at USD 18.850,42 or around Rp. 279,54 million (assuming an exchange rate of IDR 14.830 per US dollar) (assuming an exchange rate of IDR 14.830 per US dollar).

Likewise the decline in the price of ethereum. Ethereum price fell 9,23 percent in 24 hours. Ethereum prices fell 35,26 percent this week. Now the price of ethereum is at USD 984,95 or around Rp. 14,59 million.

The next cryptocurrency Binance Coin (BNB) is in the red zone. BNB price fell 8,59 percent in the previous 24 hours. BNB price fell 26,43 percent last week. The price of one Binance currency is now USD 196,62.

It's also difficult to get a good deal on Cardano (ADA) right now. Over 24 hours, ADA's price plunged 8,12 percent. Within a week, ADA prices plunged 17,70 percent. Now cardano price is trading at USD 0,4481.

Meanwhile, the price of solana (SOL) fell slightly by 0,23 percent in 24 hours. There was an 8,73 percent drop in SOL prices this week. Currently the price of Solana is trading at USD 30.62.

XRP price fell 4,82 percent in 24 hours. During the week, the price of XRP fell 12,03 percent in a week. As of now, XRP is trading at $0,3303.

Dogecoin price has fallen by 8,34% in the last day. The price of Dogecoin (DOGE) plunged 24,39 percent throughout the week. At the time of writing, DOGE is trading at $0,0524.

The stablecoin tether (USDT) and USD coin (USDC) came under attack this weekend. The price of tether fell slightly by 0,04 percent in the previous 24 hours. Tether price was capped by 0,04 percent this week. USD Coin price fell 0,02 percent in a day. Likewise, during the week, the price of USD coins fell 0,02 percent.

During this time, the price of Binance USD (busd) rose 0,09%. The value of BUSD fell 0,06 percent last week. Now Binance USD price is at USD 1.00. Other top-tier cryptocurrencies have fallen along with the price of bitcoin. The leading cryptocurrency by market capitalization, bitcoin (BTC), has fallen by 8,1% in the last 24 hours.

The next cryptocurrency binance coin (BNB) fell 8,59 percent in the previous 24 hours and the price of BNB fell 26,43 percent. The price of Dogecoin (DOGE) plunged 24,39 percent throughout the week. During this time, the price of Binance USD (busd) rose 0,09%. XRP (XRP) price fell 4,82 percent in 24 hours.

Conclusion

Bitcoin prices plunged below 19.000 US dollars per chip on Saturday (19/6/2022). The liquidation value on the crypto market was recorded at 566 million US dollars (around Rp. 8,2 trillion) over the previous 24 hours. Cardano (ADA) fell 6,37 percent this morning and is now trading at US$0,45.

The price of bitcoin failed to return to the range of USD 20.000-USD 23.000 or around IDR 296 million-IDR 341,09 million. The price of bitcoin touched USD 18.740 or around IDR 277,91 million (assuming an exchange rate of IDR 14.830 per US dollar), the lowest level since December 13 2020.

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Lutfi

Hi, let me introduce myself, Lutfi Hulasoh, I am a writer and techno blogger. I started creating a personal blog writing informative articles about the latest trends and developments in technology. My writing covers a wide range of topics, from mobile applications to artificial intelligence, and I can also provide easy-to-understand explanations to help readers understand complex concepts.