Bitcoin Rises in Three Days, Analyst Warns Beware of Inflation Risks to Crypto Industry

money.P-media – Bitcoin Rises in Three Days, Analyst Warns Beware of Inflation Risks to Crypto Industry. The price of bitcoin rose for the third day in a row, erasing losses earlier this week. However, analysts cautioned to remain wary of bitcoin’s surge.

To quote Coindesk, bitcoin (BTC), the largest cryptocurrency by market cap, is up 1.5 percent over the past 24 hours and was recently trading at around USD 21,000 or around IDR 314.98 million (assuming an exchange rate of IDR 14,999 per US dollar).

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Analysts are still wary of bitcoin’s surge in a risk-averse market with inflation hitting a 40-year high on Wednesday, July 13, 2022. Then troubled crypto lender Celsius Network filed for bankruptcy on Wednesday this week.

Oanda Senior Analyst Craig Erlam said bitcoin’s recent resilience does not mean a further recovery. “The short-term outlook remains a concern given the broader risk environment and reports of bankruptcy in the industry,” Erlam said, quoted from Coindesk, Sunday (17/7/2022).

He added that if there was the latter it could become a bigger persoalan if bitcoin ended up dropping lower.

On the other hand, the US dollar index is also relatively close to its highest level against a basket of foreign currencies and the highest level has not been seen since 2022, Glassnote wrote.

This increase was driven by strengthening demand for US dollar-denominated fixed income securities as the Federal Reserve raised interest rates or the depreciation of foreign currencies such as the euro which recently fell to its lowest level in 20 years.

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The US dollar index has a dominant negative correlation with the price of bitcoin so further increases in the index could lead to a price decline for the cryptocurrency.

Most altcoins are in the green with QNT leading gains by up 13 percent over the past 24 hours. Meanwhile, ether (ETH) gained 4.6 percent.

Crypto Prices Sunday Morning 17 July 2022

Bitcoin Rises in Three Days, Analyst Warns Beware of Inflation Risks to Crypto Industry

Previously, entering the third weekend of July 2022, the price of Bitcoin and other top cryptocurrencies was observed to experience uniform movements on trading Sunday, July 17, 2022. Crypto market price movements managed to strengthen and sit in the green zone.

Based on data from Coinmarketcap, Sunday (17/7/2022) morning, the crypto with the largest market capitalization, Bitcoin (BTC) rose slightly 1.26 percent in 24 hours, but weakened 2.41 percent for the week.

Currently, the price of bitcoin is at the level of USD 21,192 per coin or equivalent to IDR 317.8 million (assuming an exchange rate of IDR 14,996 per US dollar).

Ethereum (ETH) also managed to skyrocket this morning. Over the past 24 hours, ETH was up 7.39 percent and 9.90 percent in the week. That way, ETH is currently at the level of USD 1,344 per coin.

The next cryptocurrency, Binance coin (BNB) managed to stay in the green zone. In the last 24 hours BNB rose 4.27 percent and 2.24 percent a week. This makes BNB priced at USD 249.47 per coin.

Other Crypto Prices

Then Cardano (ADA) this morning also strengthened. In the last one day ADA rose 2.61 percent. However, it is still down 5.41 percent for the week. Thus, ADA is at USD 0.4564 per coin.

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Meanwhile, Solana (SOL) also rebounded this morning. During the last one day SOL rose 4.51 percent and 2.57 percent a week. Currently, the price of SOL is at the level of USD 39.42 per coin.

XRP has also managed to climb into the green zone. XRP is up 5.09 percent in the last 24 hours and 1.66 percent in the week. That way, XRP is now priced at USD 0.3525 per coin.

Stablecoin Tether (USDT) and USD coin (USDC), both strengthened 0.01 percent today. This makes USDT at the level of USD 0.9998 and USDC valued at USD 1.00.

While Binance USD (BUSD) strengthened 0.14 percent in the last 24 hours, which kept the price at USD 1.00

As for the overall crypto market capitalization in the last 24 hours, it managed to strengthen quite significantly at the level of USD 964.5 billion from the previous level of USD 897.7 billion.

Celsius Crypto Company Reveals Deficit When Filed for Bankruptcy

Previously, Celsius Network recorded a deficit of USD 1.19 billion or approximately IDR 17.86 trillion (assuming an exchange rate of IDR 15,010 per US dollar) on its balance sheet in a bankruptcy court filing on Thursday, July 14, 2022, a day after the cryptocurrency lender filed Section 11.

New Jersey-based Celsius froze withdrawals last month, citing extreme market conditions, cutting off access to savings for individual investors and sending vibrations through the crypto market.

In a filing in the U.S. Bankruptcy Court for the Southern District of New York on Thursday, Celsius also said it had $40 million in claims against Singapore-based Three Arrows Capital, a crypto hedge fund that filed for bankruptcy earlier this month.

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Meanwhile, as of July 13, Crypto had around 23,000 loans to retail borrowers totaling USD 411 million or IDR 6 trillion backed by collateral with a market value of USD 765.5 million or IDR 11 trillion in