Bitcoin Price Reached Its Lowest Level In October After The Release Of US Inflation Data


The cryptocurrency price managed to rebound on Friday, October 14, 2022, despite dropping to new lows in October after the release of US inflation data readings.

Bitcoin was 1.3 percent higher at $19,388 (298.1 million rupees) while Ethereum lost 0.7 percent and is trading at $1,289 (19.8 million rupees) by Coin metrics. Earlier on Thursday, they had fallen to $18,201 (Rs 279.8 million) and $1,192 (Rs 18.3 million), respectively.

Bitcoin fell below $19,000 on Thursday as investors eagerly awaited the latest CPI reading. Prices fell more sharply after the report was released, indicating a slightly larger-than-expected increase in inflation. However, on Friday, October 14, 2022, the bitcoin price rebounded above $19,000.

Crypto trading has been in the doldrums since late August, with Bitcoin hovering around $19,000. This is the key level to watch for analysts, who say a break below it could lead to new lows below those reached in June, when bitcoin fell below $17,800 and ether dropped below $900.

AscendEx analyst Michael Renko said the crypto market continues to be affected by the macro economy.

“Bitcoin has continued to trade in a narrow range since June. However, today’s CPI data (Thursday local time – red) could threaten,” Renko said, citing CNBC on Friday (14/10/2022). break down this range.

Elsewhere in the market, US bond yields rose after the inflation report, which initially pressured crypto stocks.

Disclaimer: Every investment decision is in the hands of the reader. Study and analysis before buying and selling cryptocurrencies. Konsep is not responsible for profits and losses resulting from investment decisions.

Previously, the mixed price of Bitcoin and other cryptocurrencies was observed on Friday, October 14, 2022. However, the majority of cryptocurrency prices tend to weaken.

Based on Coinmarketcap data, on the morning of Friday, October 14, 2022, the cryptocurrency with the largest market capitalization, Bitcoin (BTC) continues to strengthen. Within 24 hours, the price of Bitcoin rose by 1.19 percent. However, over the past week, the price of Bitcoin has fallen by 2.75 percent. Currently, the bitcoin price is $1,9397.16 or around Rs 298.29 million (assuming an exchange rate of Rs 15,378 per US dollar).

The price of Ethereum (ETH) has not been able to maintain its strength in the last 24 hours. Ethereum prices fell by 0.45 percent. In the past week, the price of Ethereum fell by 4.49 percent. Now, the price of Ethereum is at a position of $1,289.88 or around Rs 19.82 million.

However, the next cryptocurrency (BNB) has strengthened in the last 24 hours. BNB prices rose 0.35 percent. However, the price of BNB has fallen by 4.24 percent over the past week. Currently, the price of BNB is $272.04 or around 4.18 million rupees.

Then the price of XRP decreased by 0.76 percent in the last 24 hours. During the week, the price of XRP fell by 1.65 percent. Now, the price of XRP is at $0.4837.

Cardano (ADA) price is down 0.66 percent in the last 24 hours. Even over the past week, the price of Cardano is down 11.74 percent. Currently, Cardano is at the $0.3783 position.

Moreover, Solana (SOL) price is down 1.9 percent in the last 24 hours. Last week, Solana’s price fell by 8.36 percent.

Similarly, the price of Dogecoin (DOGE) located in the red. Dogecoin price is down 0.46 percent in the last 24 hours. Over the past week, the price of Dogecoin is down 6.17%.

Stable currencies like Tether (USDT) have been in the green in the last 24 hours. Last week, cable prices fell 0.01 percent.

The US dollar (USDC) currency rate has decreased by a limited 0.01 percent in the last 24 hours. During the week, the USDC price was down 0.01 percent.

Meanwhile, the price of Binance USD (BUSD) has been in the red for the past 24 hours. Over the past week, the price of BUSD increased by 0.02 percent to a position of $1.

Previously, weakness was still dominating the crypto market movement in the second week of October 2022. Currently, investors remain cautious about entering the market as they await US inflation data.

Reports from Coinmarketcap, Thursday afternoon (10/13/2022) the majority of top-tier cryptocurrencies are in the red, with Bitcoin seeing a slight weakening of 0.67 percent in the past 24 hours. Bitcoin is currently trading in the range of $19,025 or about IDR 292 million.

Meanwhile, Ethereum corrected 1.52 percent more in the past 24 hours. Ethereum is currently trading at a price range of $1,278 per coin.

Regarding the overall movements of the cryptocurrency and bitcoin market in the second week of October 2022, Country Director, Luno Indonesia, Jay Jayawijayaningtiyas said that in early October the movement of the crypto-asset market was very slow. However, Bitcoin still seems to dominate the market compared to Altcoins.

“Up until this week, investors and traders tend to choose to watch and wait (wait and watch) for upcoming inflation numbers before making a decision to enter or exit the market,” Guy said in a written statement on Thursday, October 13, 2022.

Meanwhile, Jay added, on the other hand, bitcoin slightly outperformed other indices in a rather weak price range, i.e. $18,000 and $20,500 (about IDR 276 million to IDR 314 million) after managing to From touching the resistance level at 20000 USD (about 307 million IDR.) last week.

“For Bitcoin to rebound, Bitcoin price must be able to touch and close above $20,500 (around IDR 314 million), followed by $22,500 (around 345 million IDR) before the price continues to move the following week.” Jay concluded.

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