Bitcoin is battered, the price will be slammed until when?


Jakarta, CNBC Indonesia – The price of the cryptocurrency with the largest market capitalization, Bitcoin, is predicted to still be in a downtrend (bearish) in the near future in line with the pressures on global sentiment they experience.

Since last May, many have predicted that the crypto market will continue to decline. Bitcoin is even predicted to drop far below US$ 30,000/coin or below the level of Rp. 432 million/coin (exchange rate of Rp. 14,400/US$).

“I believe Bitcoin will continue to decline further from its current position,” analysts from BiotechValley wrote in a note last May, quoted by Cointelegraph, Thursday (24/6/2021).

Currently, global sentiment towards Bitcoin continues to depress prices cryptocurrency this, also affects other cryptocurrencies such as Ripple, Dogecoin, Ethereum, and Cardano.

Photo: Bitcoin Price June 23 at 8:53 PM, CoinMarketCap Graphic
Bitcoin Price June 23 at 8:53 pm CoinMarketCap Graphics

Moreover, the Chinese government under President Xi Jinping’s administration has not stopped “eliminating” Bitcoin from the country. In recent months, various hard rules were issued which resulted in the collapse of the price of Bitcoin et al.

In trading Tuesday (22/6), the price of Bitcoin had collapsed below US $ 30,000/coin, touched its lowest level since February 27, according to data from Investing.

While trading on Wednesday afternoon (23/6), at 14:04 WIB, bitcoin was traded in the range of US$ 33,931/coin (Rp 488 million/coin).

In trading Wednesday night at 20:51 WIB, Bitcoin was trading at US $ 34,188, or down 12.65% in the last 7 trading days, according to CoinMarketCap data.

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Bitcoin Price June 23 at 8:53 pm CoinMarketCap GraphicsPhoto: Bitcoin Price June 23 at 8:53 PM, CoinMarketCap Graphic
Bitcoin Price June 23 at 8:53 pm CoinMarketCap Graphics

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