Bitcoin price fell 2% in the last 24 hours to hit US$22,683.87.
Bitcoin experienced its first decline since 2023 as the financial prospect for technology company Microsoft Corp. getting better. which depressed the feeling of joy. According to data from Coingecko on Wednesday (1/25/2023) 1:05 PM WIB, the price of Bitcoin has fallen 2% in the last 24 hours to the level of $22,683.87.
Other than that, Ethereum, Cardano and Avalanche are also in the red zone. Digital assets are one of the many investment tools that gained momentum in early 2023 due to speculation that the central bank will slow down or stop raising interest rates in the coming months.
Market analyst at IG Australia Pty Tony Sycamore has expressed displeasure with Microsoft’s policy of failure in digital cryptocurrencies. In fact, crypto assets have a very strong relationship with technology stocks. “These sectors are as risky as trying to contain losses for the remainder of 2023. The market is rethinking how much it can afford to raise assets,” he said, as reported by Bloomberg on Wednesday (1/25/2023).
Hayden Hughes, managing director of the public trading platform Alpha Impact, said that the short field that has caused Bitcoin to rise 36% this month could be easy. “Prices are starting to turn around as hedge funds resume lower levels after the weekend,” he said.
Fairlead Strategies LLC founder Katie Stockton sees significant resistance in Bitcoin at around $25,000, its highest level since August 2022. Bitcoin and the index of the top 100 symbols in Coingecko fell more than 60% in the past year due to the increase in interest rates and the legal process related to crypto assets.
CEO of PT Profit Forexindo Berjangka Ibrahim Asjuangbi estimates that Bitcoin will decrease in the range of $21,506.40 per coin to $23,635.30 per coin in today’s trading, Thursday, January 26, 2023. Earlier in Wednesday’s market, Bitcoin also weakened to a level of US$ 22,710 per coin with a market value of US$ 27.74 billion with a market capitalization of US$ 437.45 billion.
“Bitcoin sees its first decline since 2023 as revenue prospects for tech giant Microsoft Corp. which has put pressure on investors’ feelings,” Ibrahim said in a written statement, reported by Tempo, on Thursday.
According to Coingecko data for Wednesday, January 25, 2023, 1:05 PM WIB, Ibrahim said that the price of Bitcoin fell 2% in the last 24 hours to the level of US $ 22,683.87. Other than that, Ethereum, Cardano and Avalanche are also in the red zone. Market disappointment in Microsoft’s plans, Ibrahim said, has spread to digital cryptocurrencies. In fact, crypto assets have a very strong relationship with technology-based stocks.
At first, at the beginning of 2023, the crypto market showed optimism and a price increase amid various pressures. According to Pintu Academy’s weekly market research results last week, many things are related to crypto prices. Among them is the reduction of inflation and the expectation that interest rates will rise. “Digital assets are one of the many investment tools that will gain momentum in early 2023 due to speculation that the central bank will reduce or even stop raising interest rates in the coming months “, said Ibrahim.
Also, on interest rates, Ibrahim said that based on a Reuters poll last week, most economists in the United States expect the US Central Bank or the Fed to raise interest rates. down by 25 basis points (bps) at the next meeting.