Bitcoin (BTC) Price Drops 3.62 Percent in a Week, Fahmi Almuttaqin: Investors Tend to Choose Safer Instruments

Based on CoinMarketCap, Bitcoin experienced a price decline of 3.62 percent in the past week, touching the level of 64,588 US dollars (Rp. 1.62 billion) this afternoon. 3.62 percent in the last week. This afternoon, the crypto price was at the level of 64,588 US dollars (Rp. 916.2 billion).

According to Reku Crypto Analyst, Fahmi Almuttaqin, the decline in Bitcoin prices was caused by several factors. One of them is a change in the outlook for the United States' benchmark interest rate which further strengthens the value of the USD.

"The Fed's consistent stance so that the economy reaches its inflation target of 2 percent means that the current situation of high interest rates has the potential to occur in the next few months," he said. Fahmi in his statement, quoted Tuesday, June 21 2022.

Under these conditions, Fahmi believes that investors tend to look at investment instruments that are safer and produce quite high returns, compared to crypto assets.

Even so, Fahmi continued, liquidity has increased in the United States shows the potential for large flows of funds into the crypto market if a dovish situation or a downward trend in interest rates begins to occur.

"This increase in liquidity has the potential to have an impact on the crypto market as the interest rate situation begins to reverse direction," he explained further.

In On the other hand, amidst the weakening of Bitcoin, a number of other crypto assets or so-called Altcoins actually experienced an increase.

According to CoinMarketCap, Additionally, meme coin Brett (Based) rose 4 percent and Lido DAO (LDO) also rose 3.36 percent.

News source：

https://www.kdj.com/cryptocurrencies-news/articles/bitcoin-btc-price-drops-percent-week-fahmi-almuttaqin-investors-tend-choose-safer-instruments.html

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