Bitcoin

Bitcoin is a bit sluggish, Ethereum Cs is still passionate

The crypto market tended to turn green on Saturday (4/2/2023), supported by the continuing slowdown in the rate of increase of the United States (US) central bank's interest rate, even though US employment data was still quite strong. Launching data from CoinMarketCap at 17:00 WIB, today's Bitcoin tends to be corrected, namely 0.34% to a price position of US $ 23,355.25 / coin or the equivalent of IDR 347,759,673 / coin (assuming an exchange rate of IDR 14,890 / US $ ). But in the past week, Bitcoin has still shot up 1.48%. As for Ethereum, today it tends to strengthen 0.89% to US$ 1,657.33/coin or the equivalent of Rp. 24,677,644/coin. In the past week, Ethereum has also jumped 4%.

Following are the movements of the 7 main non-stablecoin cryptos.

The crypto market still tends to be bright, supported by the continuing slowdown in the US Federal Reserve's (Federal Reserve/The Fed) interest rate hike, even though US employment data is still quite strong. Last Wednesday local time, the Fed raised its benchmark interest rate by 25 basis points (bp) to a range of 4.5% - 4.75%. This means the Fed is again slowing its pace of increases after previously raising 50 bps in December 2022 and 75 basis at the previous four meetings. However, the Fed gave no indication of an impending pause in rate hikes. Fed Chair Jerome Powell said that policy will need to remain restrictive for some time and that officials will need far more evidence to believe that inflation is on a downward path to its target of 2%.