Crypto Market Greens Again After The Fed's Decision, Is There Still Potential For Bullish?

Photo: Illustration of crypto assets (photo: Pixabay)

Three hours after the Central Bank of the United States (US), the Federal Reserve (The Fed) decided to maintain the benchmark interest rate at the level of 5.25-5, percent on February 1, the price of Bitcoin corrected 2.4 percent from 43,495 US dollars to 42,451 US dollars or equivalent to Rp669.4 million.

However, within 24 hours of the announcement, according to Reku's monitoring, the price of Bitcoin is back green or up more than 2 percent to the level of US$43,000 (Rp676 million).

Responding to this condition, Fahmi Almuttaqin, Crypto Analytic Reku said that the Fed's interest rate was maintained in line with market participants' estimates since last December.

"But what makes it different is the concern of more investors about the US money market situation and higher inflation," Fahmi said, quoted on Sunday, February 4.

It was also previously known that the crypto market had declined after the approval of the Bitcoin Spot ETF, which was caused by profit-taking and sales of the Grayscale Bitcoin Trust (GBTC) instrument, one of the Bitcoin ETF Spot products.

However, if the stability of the crypto market gets better, Fahmi predicts the possibility that the crypto market will potentially penetrate the area of the highest price at the previous rally at US$48,000 (Rp755 million).

This potential is a positive momentum for the overall crypto market ahead of Bitcoin Having in April, which will usually be followed by a consolidation phase for weeks or even months, explained Fahmi.