Pakistan makes it difficult for crypto asset prices to rise, how come?

Jakarta, CNBC Indonesia – The price of the majority of large market cap cryptos (big cap) was observed to weaken in trading Friday (14/1/2022) morning Indonesian time, after recovering to the green zone the previous day.

Launch data from CoinMarketCap as of 09:15 WIB, only two cryptos stablecoin namely Tether and USD Coin as well as the Polkadot crypto which is trading in the green zone today.

Polkadot strengthened 0.28% to a price level of US$ 26.81/coin or equivalent to Rp. 383,383/coin (assuming an exchange rate of Rp. 14,300/US$).

While the rest turned towards the red zone this morning. Bitcoin fell 2.15% to a price level of US$ 42,659.31/coin or equivalent to Rp. 610,028,133/coin, Ethereum was down 2.43% to a level of US$ 3,260.6/coin or Rp. 46,626,580/coin, and Cardano fell 6.82% to US$ 1.24/coin (Rp 17,732/coin).

Here’s the movement of the top 10 cryptocurrencies by market capitalization today.

After briefly recovering and touching the range of US$ 43,000 in yesterday’s trading, Bitcoin this morning again corrected and also returned to the range of US$ 42,000.

The main negative sentiment that exacerbates the recovery of the crypto market comes from Pakistan, where the government and central bank of the Land of a Thousand Lights will ban the use of cryptocurrency. This makes Bitcoin miners increase their accumulation and they are reluctant to sell the crypto at this time.

The document was prepared by a committee chaired by Sima Kamil, a deputy governor of the central bank of Pakistan (SBP).

Other government agencies including representatives from the Ministry of Finance, the Securities and Exchange Commission of Pakistan (SECP) and the Federal Investigation Agency of Pakistan (FIA) will also implement the ban.

Apart from the unsatisfactory news from Pakistan, other market sentiment that contributed to the movement of cryptocurrencies today was the correction of the United States (US) stock market on Thursday trading US time, as investors reconsidered the plan to tighten the US central bank’s monetary policy (Federal Reserve/ the Fed).

The crypto market was in line with the movement of technology stocks in the US yesterday, where the movement of technology stocks in the US was very volatile since the beginning of 2022. After having strengthened in the last 3 trading days, the price of technology stocks fell again.

Investors tend cash out for now. Once again, the movement of financial asset prices is still overshadowed by the direction of the Fed’s tighter monetary policy going forward.

Investors also responded negatively to the disappointing US employment report again.

Uncle Sam’s country unemployment benefit claims data for the period last week reached 230 thousand, higher than the market estimate of 200 thousand and also higher than the previous week.

CNBC INDONESIA RESEARCH TEAM

[Gambas:Video CNBC]

(chd / chd)



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