Tokocrypto Market Signal 28 September 2022: Crypto Starts to Sluggish, After The Fed’s Comments

BONSERNEWS.com – The movement of crypto assets on Wednesday (28/9) afternoon seemed to be starting to become sluggish again. Even though the previous day on Tuesday (27/9), the market was blushing in the green zone. What caused the decline this time?

Launching the CoinMarketCap website on Wednesday (28/9) at 13.00 WIB, of the 10 biggest market capitalization crypto assets or big caps stuck in the red zone in the last 24 hours. For example, the value of Bitcoin (BTC) fell 6.36% to US $ 18,769 per chip, and fell 1.25% over the past week.

Meanwhile, Ethereum (ETH) fell deeper by 7.09% to US$ 1,284 at the same time and sank 3.93% in the last week. Other altcoins, very concerned XRP fell 10.08%, Solana (SOL), Dogecoin (DOGE) fell in price more than 5% at the same time.

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Tokocrypto trader, Afid Sugiono, said that the crypto market is currently turbulent again due to several factors. First, investors are increasingly avoiding the market, after several The Fed officials, one after another, made comments confirming their intention to continue tightening their monetary policy.

“In the last few days, negative sentiment has come from Fed officials who commented that the Fed needs to temporarily raise interest rates higher in order to control inflation,” said Afid.

According to him, these comments greatly affected the crypto and stock markets. The series of comments strengthened the signal that the Fed would not change its monetary outlook any time soon. If the monetary authority acts too hawkish, US economic growth could be at stake.

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Stocks and Crypto Ambles

The movement of crypto assets appears to have been affected by the US stock market which performed poorly on Tuesday (27/9). This indicates investors are avoiding investing in risky assets.

“This is understandable considering that crypto investors always refer to the US stock market to see investors’ risk appetite in general. US stock indexes are also being hit by comments from several The Fed officials who emphasized the importance of tightening monetary policy to reduce inflation,” said Afid.

In addition, the crypto market was hit by the strengthening of the US Dollar Index (DXY) which was observed at 13.00 WIB touching the level of 114.69 or up 0.51% compared to yesterday. Many investors are starting to let go of their crypto holdings and stop accumulation to switch to the US dollar which is a safe haven asset.

In terms of the movement of Bitcoin’s value, even though it had once again touched its psychological level at US $ 20,000, this has not helped to continue to be bullish. BTC should eventually come back down.

Bitcoin support area is currently at the level of US $ 18,125. If the Bitcoin price bounces back, it is possible to target an increase to the level of US $ 19,610.