Crypto Assets Are Going Wild again

Crypto Assets Are Going Wild again

The cryptocurrency market was observed to be moving steadily higher on Monday (31/5/2021) morning trading, after having weakened again on Sunday (30/5/2021) trading at the end of last week.

Based on information from Investing at 09:00 WIB, Bitcoin price rose 2.54% to a level of US$ 34,767.6 and Ethereum rose 3.49% to US$ 2,298.92

Furthermore Litecoin jumped 3.79% to US$ 164, 96 or equivalent to Rp 2,356,739, Chainlink rose 6.27% to 25.83, Ripple rose 10.39% to US$ 0.895, Cardano flew 10 , 29% to US$ 1,534, and Dogecoin was up 1.57% to US$ 0.296

Within a week, the digital coins that experienced rapid gains were Chainlink coins which skyrocketed to 24.64% and Cardano coins which shot up to 17.5%.

While cryptocurrencies that are still recorded to be weak in the past week are Bitcoin crypto which weakened 1.46% and Dogecoin which fell 1.89%.

Before returning to a slight trend this morning, cryptocurrencies weakened again on Sunday (30/5/2021) trading at the end of the week, where Bitcoin fell 4.23% at US $ 33, 717, 9 / BTC or equivalent at Rp. 482 million/coin (exchange rate of Rp. 14.300/ US$), at 8:38 WIT, citing information from Refinitiv.

With this depreciation, the total so far this month the Bitcoin price has fallen by more than 40%, moreover on May 19 and then almost broke through to the bottom of US$ 30,000/BTC.

At the same time, the price of Ethereum fell more than 9% to US$ 2,206.69/ ETH, while so far this month its value has decreased by 20%. Ripple is worse off than Bitcoin, so far in May it has fallen nearly 50%. The last Dogecoin so far in May the decline is very small, only 5%.

As far as May 2021, crypto faced crashes near 2 times. Just a few weeks after setting a record high of all time. In the previous 2 weeks, the price of Bitcoin cs fell insanely, while in the following week it was more normal even though it had not been separated from the shrinking trend.

However, Edward Moya, an analyst at Oanda Corporation, warned that the current crypto market is still not normal.

"Volatility in the crypto market has decreased this week, but it may not last long," said Moya, as quoted by Express, Sunday (30/5/2021).

"Bitcoin is still in the consolidation phase, but if the level of US$ 37,000/BTC finds momentum, then bitcoin's position will deteriorate rapidly," he added.

The fall in the price of Bitcoin cs re-established after finding "resistance" from several countries. China under President Xi Jinping's administration has banned financial institutions such as banks and payment fintechs from providing crypto money transaction services. In addition, China will also issue new regulations to crack down on miners and cryptocurrency trading.

Then there is the President of the United States (US), Joe Biden who imposes tax reporting for crypto transactions above a certain value, this time Iran also prohibits it.

The Iranian government also announced a temporary ban on mining Bitcoin and other cryptocurrencies on Wednesday (26/5/2021). The reason, officials called the activity "wasteful" of energy and caused power outages in several cities in Iran.

Not only that, Elon Musk, who made the price of crypto currency soar like crazy this year, also made him turn around after announcing that Tesla stopped using Bitcoin in buying Tesla cars. The reason is, Bitcoin mining stimulates an increase in the use of fossil fuels that are not area friendly.

"Tesla has suspended the purchase of vehicles using Bitcoin. We are concerned about the rapid increase in the use of fossil fuels for mining and Bitcoin transactions, especially coal, which has the worst emissions of any fuel," Elon Musk tweeted in mid-May.