Bitcoin Has Almost Not Moved In The Last 24 Hours, What Causes It?

JAKARTA - In the last 24 hours, Bitcoin (BTC) has weakened -0.15% perched at 112,235 US dollars (Rp1.86 billion). Meanwhile, the dominance of the BTC (BTC.D) market is now at 58.50%.

The crypto market underwent a correction after the Chairman of The Federal Reserve (The Fed), Jerome Powell, gave a cautious statement that made Wall Street weaken.

Based on the monitoring of the Magical Financial Expert, Panji Yudha, Bitcoin (BTC) is still moving in the support range of US$112,000 (Rp1.8 billion) and has barely changed in the last 24 hours. This market sentiment sparked turbulence in the market and caused massive liquidation.

In his speech, Powell emphasized that the Fed is facing a "challenging situation" in balancing inflation and employment. Although the Fed has just cut interest rates, Powell warns that further cuts are uncertain.

"This statement is different from market expectations that project several more cuts in 2025. This difference in expectations causes massive liquidation in the crypto market," Panji said in a statement on Wednesday, September 24.

Despite the volatile market, Panji sees the corporate interest in Bitcoin as not slowing down. Metaplanets acquired an additional 5,419 BTC worth US$633 million, bringing its total holdings to 25,555 BTC for nearly $3 billion.

Not only that, Michael Saylor through MicroStrategy also added 850 BTC worth 100 million US dollars, so that his total company's ownership now reaches 639,835 BTC with a value of more than 47.3 billion US dollars.