money.P-media – Today’s Crypto Prices Monday 11 July 2022: Bitcoin Leads Strength. Starting the second week of July 2022, the price of Bitcoin and other top cryptos was observed to experience mixed movements on Monday, July 11 2022 trading. The majority of the top cryptos were back in the red zone.
Based on data from Coinmarketcap, Monday (11/7/2022) morning, the crypto with the largest market capitalization, Bitcoin (BTC) edged up 0.30 percent in 24 hours, but weakened 3.11 percent a week.
Currently, the bitcoin price is at the level of USD 21,031 per coin or equivalent to Rp. 314.9 million (assuming an exchange rate of Rp. 14,976 per US dollar).
Ethereum (ETH) should be weak this morning. Over the past 24 hours, ETH fell 0.09 percent and 3.66 percent in the week. With that said, ETH is currently at USD 1,176 per coin.
The next cryptocurrency, Binance coin (BNB) is still in the green zone. In the last 24 hours BNB edged up 0.05 percent and 0.13 percent a week. This makes BNB priced at USD 234.83 per coin.
Then Cardano (ADA) this morning had to weaken again. In the past day the ADA fell 0.08 percent and 3.05 percent a week. Thus, ADA is at USD 0.4667 per coin.
Meanwhile, Solana (SOL) also managed to strengthen this morning. During the last one day, SOL edged up 0.02 percent. But still down 4.26 percent for the week. Currently, the price of SOL is at the level of USD 36.77 per coin.
XRP also corrected again this morning. XRP is down 1.06 percent in the last 24 hours and 6.60 percent in the week. That way, XRP is now priced at USD 0.3237 per coin.
Stablecoin Tether (USDT) and USD coin (USDC), both weakened 0.01 percent today. This makes USDT at the level of USD 0.9995 and USDC valued at USD 1.00.
Meanwhile, Binance USD (BUSD) strengthened 0.06 percent in the last 24 hours, which kept the price at USD 1.00 level.
As for the overall crypto market capitalization, it managed to weaken slightly today at the level of USD 933.5 billion from the previous level of USD 957.5 billion.
Crypto Market Strengthens, Analyst Warns Potential Bull Trap
Previously, towards the weekend, the crypto market seemed to make investors happy. The movement of crypto assets, especially Bitcoin is quite surprising, because it was able to pass the psychological level above USD 20,000 or around Rp. 298.9 million, after experiencing a heavy decline.
Overall, a number of crypto assets, especially those with large caps or big caps, were optimistically moving into the green zone on Friday afternoon trading, July 8, 2022. For example, from Coinmarketcap’s observation, the value of Bitcoin was at USD 21,943 or up 7.91 percent in 7 days. final.
Other altcoins are no less happy. The value of ethereum (ETH) also rose 14.01 percent to USD 1,248 last week. Binance Coin (BNB), Solana (SOL) and XRP are even up more than 6 percent. Dogecoin (DOGE) and Cardano (ADA) have skyrocketed more than 5 percent in the past week.
Tokocrypto trader Afid Sugiono said the brief rally in crypto market trading was due to positive sentiment from the minutes released by the Federal Open Market Committee (FOMC) on Wednesday, July 6, 2022. Investors are watching the market reaction to the latest minutes, but it seems to have an impact. good for the market.
“Investors seem to really like the FOMC minutes, thus easing concerns about the Fed’s commitment to tightening monetary policy. The rise in the crypto market has also occurred in the stock market, which has become increasingly correlated over the past year,” Afid said in a written statement, Friday, July 8, 2022.
The strengthening of crypto asset prices also came from positive sentiment from Ethereum, which successfully completed its latest trial of The Merge on a test network called Sepolia.
This success will bring the Ethereum network closer to changing its consensus algorithm from Proof of Work (PoW) to Proof of Stake (PoS).
There is also news from Celsius who has paid his debt to the Maker platform of USD 440 million. This indicates that Celsius’s liquidity has improved after stopping the withdrawal process two weeks ago.
In addition, investors are still carrying out a buy the dip strategy to take advantage of the subdued macroeconomic situation. It can be seen from the on-chain exchange data that there was a slight spike that caused prices to consolidate.
“The market as a whole is still in a period of consolidation. From on-chain data, Bitcoin trading activity, from trading volume, long term holders are starting to buy. From the market side around 200-400 days before the halving there will be a slight correction. We are still in a bear market , there are no signs of a reversal,” said Afid.
Afid also warned that there would be a bull trap. Investors should still await the US Nonfarm Payroll (NFP) data later this week and the US consumer price index next week.
The two data should signal the pace of inflation and whether the Fed continues to aggressively raise interest rates when policymakers meet next on July 26-27, 2022.
“The release of US NFP data this weekend could make crypto asset prices reverse. From historical data, crypto asset price movements always sluggish every time there is the release of the latest negative macroeconomic data,” said Afid
“In order to start a bullish phase, Bitcoin must break above USD 23,000, for now the daily trend is still down,” concluded Afid.
Bitcoin Successfully Touched Rp. 332.8 Million, This Is The Cause
Previously, the movement of the crypto market in the middle of this week, looked green due to an increase in prices. Since the start of the week, the market has been struggling not to drop below its psychological level of around USD 20,000 or Rp. 299.3 million.
Launching the Coinmarketcap website, on Friday (8/7/2022) afternoon, the 10 largest crypto assets with the largest market capitalization or big caps successfully advanced to the green zone in the last 24 hours. The value of Bitcoin (BTC) soared 7.11 percent to USD 22,234 (Rp 332.8 million) per chip in the last day.
Tokocrypto trader, Afid Sugiono, saw the movement of the crypto market which experienced a brief increase because investors were getting excited, after seeing the dynamics that occurred in the US stock market index.
Investors tracked major stock markets including the Nasdaq, S&P 500 and Dow Jones Industrial Average all up, albeit slightly.
“Crypto investors turned out to be a little excited to see the US stock market also experiencing an increase. This is only natural, they always look in the mirror at the US stock market, to see the overall market interest in risky assets in general,” Afid said in a written statement, quoted on Friday, July 8, 2022.
Crypto and Stock Markets Are More Harmonious
The latest Coin Metrics report shows that the correlation between crypto assets and the US stock index has reached its strongest level in the second quarter of 2022 since March 2020. You could say Bitcoin and US equities are moving almost parallel.
However, this brief rally is likely predicted to be temporary. According to Afid, the main sentiment of the crypto market is not yet conducive. Investors are still keeping an eye on macroeconomic dynamics and the effectiveness of the Fed’s tightening monetary policy on US inflation.
Then, the failure of crypto platforms, Three Arrows Capital (3AC) and Voyager also made investors nervous.
“The current state of the crypto market is not in good shape. There are still many more blows that could hit further, ranging from macroeconomic uncertainty, the aggressiveness of the Fed to the failure of the crypto ecosystem system itself. Investors believe they don’t see prices going up in the near future, except for unexpected changes happened,” said Afid.
Afid sees investors eagerly waiting for US inflation data which will be released next week. The data may indicate the Fed’s monetary policy is effective or not. If inflation drops and other economic indicators also continue to decline, investors may feel more confident entering the crypto market.
Especially for the movement of Bitcoin itself, Afid sees that currently there is still a tendency to consolidate and there is a potential for a price decline in the range of USD 18,000 to USD 20,000. Bitcoin has ‘rested’ above USD 20,000 for the third day in a row.