Handplanegoodness– Hello smart friends, meet again with the admin who will provide the latest information about Bitcoin Prices. According to data from Coinmarketcap, as of 10:37 BST on Thursday (25/8), the price of bitcoin was up $21,527 per BTC, or 1.36% in the last 24 hours.
Ethereum has seen a similar trend. It is noted that Ethereum is currently trading at $1,676 per ETH, or 3.81% higher.
Jay Jaywijayaningtiyas, regional director of Luno Indonesia, said that the market was very bullish in early August as many investors waited for Ethereum consolidation.
“Bitcoin (BTC) was unable to continue its prolonged consolidation as it failed to clear the $25,000 or Rs 371 billion resistance,” he said.
In fact, Bitcoin has fallen to the support of $22,500 (equivalent to Rs 334 crore). “BTC will now test support around $20,700 (~Rs 307 crore) for the third time,” Jay said in an official statement received by kontan.co.id on Thursday 25.
Not much different from Bitcoin, Ethereum (ETH) weakened against the benchmark, sending ETH market share down 1% last week. There are claims that investors are turning to stablecoins like USDC, which are considered more stable.
US Dollar Index Strengthens
Jay Chou said that the US dollar index managed to consolidate this week and even hit a 20-year high.
The impact of the dollar’s rally rocked various asset classes. The main macro event this week is the Jackson Hole Symposium, which brings together senior officials from the Federal Reserve, Bank of England and the European Central Bank.
Jerome Powell’s remarks on Friday could provide an indication of the Fed’s policy direction going forward, which could lead to market volatility.
All indexes were in the same territory at the end of August, down between 7% and 8%, according to Luno and Arcane Research. Expectations for Ethereum integration started the month very optimistically.
The small business index was also the best performer, rising to 12% mid-month. The market returned to risk aversion last week, erasing all of this month’s gains in a matter of days.
During this risky period, the performance of minor currencies declined, while Bitcoin was able to maintain its value. This dynamic often occurs when market sentiment deteriorates.
According to Jay, bitcoin’s relatively poor performance caused bitcoin’s market share to drop to 40.5 percent from 47 percent in June. As market sentiment improves, traders are now more interested in altcoins than Bitcoin.
“Last week, ETH’s market share increased 0.89%, while BTC’s market share fell 0.96%,” he said.
Bad Week For Bitcoin
Jay Opinion BTC had a bad week in the market after BTC failed to maintain momentum and corrected to around $21,000 on Friday.
As a result, Bitcoin fell 11% last week. “Friday’s sharp sell-off coincided with the release of the German producer price index (RCI), prompting investors to reduce risk in anticipation of a tightening economy.”
ETH also experienced a drastic decline. This sharp decline became more apparent as ETH had been bullish in the last few weeks prior to consolidation.
Meanwhile, the spot bitcoin market continues to be highly volatile, and even this spot volume is one of last year’s highs. Such a large volume was due to the fact that Binance removed fees, which subsequently attracted many transactions on the exchange.
Spot volume on other exchanges has remained low with little activity in the Bitcoin derivatives market. In addition, Bitcoin activity on the chain is still relatively quiet, with only more than one major transaction taking place.
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