Cryptocurrency Prices Dropped, Here's Luno And Kraken Market Analysis

JAKARTA - The decline in the price of Bitcoin cs in recent days has reduced the crypto money market capitalization by 260 billion US dollars, around Rp3.7 trillion. At the close of the market, Bitcoin price was plunging nearly 10 percent on the day to a price of 49,281 US dollars.

Launching Coinmarketcap, the number two crypto prima donna after bitcoin, Ethereum has also experienced a decline of more than 11 percent to a price of 2,202 US dollars. Meanwhile, Ripple (XRP) also fell sharply by 22 percent.

The decline in the price of crypto money is predicted due to the tightening of taxes issued by the president of the US, Joe Biden. According to Vijay Ayyar, Head of Crypto Exchange Business Development at Luno, the decline will trigger an increase to the next step.

"Overall cryptocurrency prices have gone up quite high, and may be corrected before the next step," said Vijay Ayyar as quoted by CNBC International on Friday, April 23.

"There is also a broader stock market downturn, which may affect all risk assets," said Ayyar.

In 2021, the Bitcoin price itself has increased by 71 percent. Meanwhile, Ethereum jumped 200 percent. The skyrocketing price of crypto money was triggered by the increasing number of investors in crypto money such as Tesla and Square.

In addition, a number of banks have also started offering crypto money investments to their customers, as did Morgan Stanley and Goldman Sachs.

Even so, the market is worried that there will be strict regulations from the government that will press the price of bitcoin cs to decline and hurt investors. This was disclosed by Jesse Powell as CEO of Kraken. He warned the government about regulations that put pressure on cryptocurrency.