Bitcoin Drops In A Week, How's Sentiment This Week?

Bitcoin illustration (photo: Unsplash)

JAKARTA - This week, Bitcoin had moved below $26,000. In fact, on Thursday, August 17, Bitcoin had touched 25,200 US dollars, which means the lowest price point since mid-June 2023.

According to the Financial Expert Ajaib Kripto, Panji Yudha, the decline in Bitcoin prices has occurred since the policy meeting minutes by the Fed, regarding the potential increase in inflation which will also lead to a potential further interest rate increase.

"As a reaction to the hawkish attitude of the Fed, the crypto market has decreased," Panji said in a statement received in Jakarta.

On Tuesday, August 22 this morning at around 09.00 WIB, Bitcoin moved at a price of 26,095 US dollars, down 0.22 percent in the last 24 hours. In addition, BTC's current market capitalization is also at 507 billion US dollars.

Panji explained, because Bitcoin is a crypto asset with the largest market capitalization, Bitcoin has a strong influence on the movement of other crypto assets. As a result, last week's Bitcoin decline caused a negative impact on altcoins.

This is because investors see Bitcoin's movement as a major milestone in investors' trust when investing in crypto markets.

According to Panji, the Bitcoin spot ETF will be the strongest catalyst to support the upward trend in the crypto asset market in the future.

Panji also warned that on Friday, Federal Reserve Jerome Powell will talk about economic prospects at a central bank meeting held annually at Jackson Hole.

On the occasion, Jerome Powell will provide the latest views on tightening policies to reduce inflation amid strong economic growth.

The crypto asset market must be prepared for a volatile Friday. Powell's speech could potentially drive financial markets and the crypto asset market," he concluded.