Starting To Panic, Bitcoin Price Falls Below 40 Thousand US Dollars, Altcoins Join Nyungsep

JAKARTA – The price of Bitcoin (BTC) fell to a level below 40 thousand US dollars. This decline triggered a drop in the prices of altcoins, including leading cryptocurrencies such as Ethereum (ETH), Cardano (ADA), Ripple (XRP), Solana (SOL) and others.

According to a report from CoinGecko, Bitcoin is down 1.4 percent in 24 hours and is down 10.4 percent in the past week. On September 21 at 6:04 p.m., BTC was trading at IDR 621 million. On Tuesday 22 September at 06:50, Bitcoin was at IDR 573 million.

Whereas Ethereum 4.2 percent in 24 hours, and plunged 14.8 percent in the past week, ETH fell to a price of IDR 41 million. Cardano also experienced a decrease of 12.9 percent, the price of ADA dropped to IDR 29 thousand. XRP and SOL also dropped to Rp. 13 thousand and Rp. 1.8 million.

Cointelegraph called the decline the first time in six weeks. At that time BTC had slid to a price of 50 thousand US dollars or the equivalent of Rp. 711 million since 7 September. The decline came ahead of the close of the day on September 21.

The drop in the price of Bitcoin affected most of the altcoins. The Crypto Fear & Greed Index reports that the bearish trend coincided with market sentiment experiencing “extreme fear”. The reason is, one month ago the market was in a greed position, and worse than that it was called 'extreme greed'.

Mr. Whale, one of the best crypto writers on the Medium platform who often criticizes the crypto world and the actors openly explains that crypto is in a bearish trend. The prediction is based on BTC historical data from several years ago.

Mr. Whales also often attack the 'Moon Boys' who are always touting BTC going to the moon until it reaches hundreds of thousands of dollars. He argues, actually BTC is bearish.

“The same Maxis who tricked their sheep into buying Bitcoin at $64,000, now urge them to “by the dip” and promise a massive rally of up to $100K,” Mr. Whale said in a tweet.

“The bear market is here but they will never admit it because they will lose all their followers,” added Mr. Whale alluding to influencers who like to say BTC will skyrocket.

While crypto critic Peter Schiff believes that altcoins will continue to grow and demand for altcoins will increase until the “crypto bubble bursts, when Bitfinexed believes that the misery experienced by Chinese real estate giant Evergrande threatens the supply of Tether (USDT) and the crypto market in general.”

On the other hand, Bicoin cs is also under attack from a number of central banks from various countries since El Salvador adopted BTC as the official medium of exchange. Christine Lagarde as President of the European Central Bank said that Bitcoin will not be a medium of exchange.

The chairman of the US Securities and Exchange Commission (SEC) Gary Gensler also revealed that stablecoins including USDT, USDC, BUSD and the like are not much different from poker chips. Gansler tightened control over the stable coin.

Galaxy Digital CEO Mike Novogratz told CNBC that he would not feel 'nervous' unless Bitcoin failed to hold above the $40,000 level and the price of Ether dropped below $2,800.

“As long as that [price level] holds, I think the market is in good shape,” Novogratz said, quoted by Cointelegraph.