The Majority Of Crypto Asset Prices Gradually Recover Ahead Of The Fed's Policy, How Come?

The majority of crypto asset prices are starting to gradually improve (photo: Pixabay)

JAKARTA - In the midst of the wait-and-see attitude of crypto investors in using the Fed's policies, Ajaib Crypto Financial Expert, Panji Yudha sees that the majority of crypto asset prices are starting to gradually improve.

According to him, one of the reasons for the increase in crypto asset prices is the increasing confidence of market players that the Fed will maintain its benchmark interest rate at this week's meeting.

On Tuesday, September 19, precisely at 09.00 a.m Western Indonesian Time (WIB), Panji saw that the price of Bitcoin was trading again at 26,717 US dollars or around IDR 410 million.

Meanwhile, at the same time, the increase in Bitcoin was also followed by the majority of other Crypto Assets. For example, Worldcoin (WLD) rose 9.21 percent, Chain Link (LINK) rose 7.62 percent, and Solana (SOL) rose 5.97 percent.

This week, Panji suggested that market players continue to pay close attention to the Fed's decision to release its benchmark interest rate or Fed Funds Rate on Wednesday, September 20.

"At the same time, on the same day, market observers will also be looking forward to the FOMC Economic Projections, FOMC statements and FOMC Press Conference. The FOMC results this time will of course have a direct impact, potentially causing significant volatility in Crypto Asset prices," he added.

Meanwhile, domestically, the growth in adoption of crypto assets in Indonesia has increased, even though in 2022 it was overshadowed by various negative sentiments in the industry, such as the failure of FTX and pressure from the global economy.

The growth of crypto asset adoption in Indonesia according to the recently published Chainalysis 2023 Global Crypto Adoption Index shows that Indonesia is ranked 7th, from last year's ranking of 20th.