Crypto asset prices have fallen drastically compared to last month. So, at this price, should you buy or sell?
Chairman of the Indonesian Crypto Asset Traders Association (Aspakrindo) Teguh Kurniawan Harmanda said because bitcoin was believed to be still promising, he suggested that it was better to buy it in installments. It means saving by buying from the smallest.
"This can use several strategies, can save in installments, and also wait for the wave of crypto prices
He believes the current decline in bitcoin is still within reasonable limits, especially since it has happened in recent years.
"But this market movement is still within reasonable limits and crypto assets themselves, especially those with large capitalizations, also have extensive use cases, and are still promising for long-term planning. If we look at history, it is possible to return to a bull run around April 2022," he said. .
"This can use several strategies, can save in installments, and also wait for the wave of the crypto price," he told detikcom, Tuesday (7/12/2021).
He believes the current decline in bitcoin is still within reasonable limits, especially since it has happened in recent years.
"But this market movement is still within reasonable limits and crypto assets themselves, especially those with large capitalizations, also have extensive use cases, and are still promising for long-term planning. If we look at history, it is possible to return to a bull run around April 2022," he said. .
Meanwhile, one of the causes of the decline in bitcoin is because there is an Omicron variant. He said psychologically it made investors panic and sell.
"From the panic selling, a correction occurred, including in crypto assets, especially Bitcoin," he said.
Not only that, the United States central bank The Federal Reserve (The Fed) which accelerated its monetary normalization policy was also said to have influenced the collapse of bitcoin and other cryptocurrencies.
"The crash of bitcoin was also followed by other crypto assets, as a result the crypto market capitalization collapsed," he explained.
Bitcoin had fallen more than 9% to the range of US $ 51,000/coin which is the lowest level in the last two months. Today, quoted from Coin Base, bitcoin experienced an increase of 6.03% to IDR 739 million. Crypto trading volume has increased to IDR 36.8 billion in the last 24 hours.
Despite today's increase, in the past week bitcoin recorded a decline of 10.85%. Then compared to last November's value, bitcoin did experience a drastic decline. On November 9, bitcoin was at Rp. 962 million.
Ethereum today also increased by 8.88% to IDR 63 million with a trading volume of IDR 27.3 billion in the last 24 hours. Today's value is also down compared to last November, when Ethereum was recorded at Rp. 69 million.
Binance crypto today rose 5.42% to Rp 8.4 million, Dogecoin also recorded an increase of 9.03% to Rp 2,598 and Shiba Inu coin rose 11.30%.