The price of the majority of cryptocurrencies (cryptocurrencies) with the largest market capitalization weakened again on Monday (10/25/2021) morning Indonesian time, after
Based on data from CoinMarketCap at 09:00 WIB, of the eight cryptocurrencies with the largest market cap (big cap) non-stablecoins, only bitcoin, solana, and dogecoin are still strengthening this morning.
Bitcoin rose 1.05% to a price level of US$ 61,713.41/coin or equivalent to Rp. 873,244,752/coin (assuming today's exchange rate is Rp. 14,150/US$), Solana added 1.25% to a level of US$ 200.66 /coin (Rp 2,839,339/koin), and dogecoin skyrocketed 9.8% to US$ 0.2741/coin (Rp 3,879/coin).
While the rest traded in the red zone this morning. Ethereum weakened 0.38% to a price level of US$ 4,117.14/coin or Rp. 58,257,531/coin, binance coin corrected 0.78% to US$ 480.27/coin (Rp 6,795.821/coin),
Next, cardano fell 1.24% to US$ 2.13/coin (Rp 30,140/coin), ripple fell slightly 0.05% to US$ 1.09/coin (Rp 15,424/coin), and polka dots fell 2.11. % to US$ 43.05/coin (Rp 609.158/coin).
In the past week, the majority of big cap cryptocurrencies were positively observed, only bitcoin cardano and ripple corrected.
Solana digital coin again led the strengthening of big cap crypto in the past week, which shot up to more than 23%. Meanwhile, the polka-dotted crypto has the least strengthening, which is 0.67%.
Most of the big cap cryptocurrencies this morning were observed to be corrected, although the correction tends to be thin. This happened after China reaffirmed its stance on the crypto industry on Saturday (10/23/2021).
On Saturday, China's National Development and Reform Commission (NDRC) included mining bitcoin and other cryptocurrencies on a blacklist of industrial activities that must be abandoned.
This rule is included in the Industrial Structure Adjustment Guidance Catalog which has been effective since January last year. In this guide, there are three categories of domestic industry directives, namely industries that must be encouraged, limited, and eliminated, as quoted from the South China Morning Post, last Saturday.
It is also cited as China's way of achieving its carbon neutrality target by 2060 as mining bitcoin and other cryptocurrencies consumes a lot of energy.
This action also closed all access for mainland Chinese citizens to connect with cryptocurrencies. In 2017, the Chinese government banned the issuance of digital coins (ICOs) in China and closed all local cryptocurrency exchange platforms.
After that, the government banned financial institutions such as banks and financing institutions as well as fintechs such as Alipay and WeChat Pay to facilitate cryptocurrency trading and transactions.
The Central Bank of China has also stepped in and taken a crackdown on crypto trading and financing, labeling overseas cryptocurrency trading platforms serving transactions of Chinese citizens as illegal financial activities.
China's crackdown has made the United States the world's largest cryptocurrency mining nation in terms of hash rate, a unit for measuring the processing power of the bitcoin network to verify transactions and create new cryptocurrencies.
According to the Cambridge Bitcoin Electricity Consumption Index (CBECI) last August, the US contributed 35.4% to the global hash rate followed by Kazakhstan and Russia. As for China towards 0%.
Even though China has taken strong action against the crypto industry again, this has not had a big impact on bitcoin and the bitcoin price has continued to strengthen, although it tends to be thin and still has the potential for correction.
Last week, bitcoin had touched a new record high in the range of US $ 66,000. Even though it only lasted for a moment, the bitcoin trend still tends to be bullish.
Forbes reports that a panel of 50 bitcoin and cryptocurrency experts predicts bitcoin's price will continue to climb in 2021 and set a record $80,000/coin. After that, bitcoin will skyrocket again to US$ 250,000/coin in 2025, and finally reach US$ 5 million in 2030.
"As bitcoin matures and there is an increase in value, usefulness, lifespan and trustworthiness, it will not behave like a stock. Bitcoin will be more like gold as a store of value," said Daniel Polotsky, panelist and founder of CoinFlip, as reported by Forbes, last Saturday.
As is known, the exchange trade fund (ETF) based on bitcoin futures, the ProShares Bitcoin Strategy ETF, started trading this week. The ETF further adds to the diversity of bitcoin-based investments, which was one of the triggers for the rise in the price of bitcoin in the spot market to an all-time high last week.
On the other hand, the digital coin 'coin' rival to Dogecoin, namely the shiba inu (SHIB) has also been observed to have shot up in at least a week.