Bitcoin Corrected In Causing Alt Coin To Drop

BONSERNEWS.com – Bitcoin tends to be corrected, the impact on all alt coins looks down.

The majority of the main cryptocurrencies tend to be corrected in trading Thursday 21 July 2022, after several days of strengthening due to sentiment from the Ethereum upgrade.

Launching CoinMarketCap data at 11:00 WIB, Bitcoin fell 0.26% to a price of US$ 23,219.76/coin or the equivalent of 348,296,400/coin (assuming an exchange rate of IDR 15,000/US$).

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Meanwhile, Ethereum weakened 0.91% to US$ 1,528.61/coin or IDR 22,929,150/coin.

Meanwhile, several alternative digital coins (tokens) (alternate coins/altcoins) such as Cardano fell 6.74% to US$ 0.4917/coin (Rp. 7,376/coin), Solana collapsed 7.86% to US$ 41.44/coin (IDR 621,600/coin).

But Dogecoin still strengthened 0.66% to US$ 0.06927/coin (Rp 1,039/coin).

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After strengthening in the last few days, Bitcoin tends to ‘rest’ and stays in the price range of US $ 23,000.

Last Wednesday night, Bitcoin touched the price range of US$ 24,000, being the best since mid-June.

On the other hand, crypto rallies tend to stop for a moment after bad news regarding crypto companies.

The crisis that hit crypto companies is not over. Most recently, the Zipmex crypto exchange also indicated providing loans to a crypto-related financial company from Hong Kong, namely Babel Finance.

Zipmex provided Babel Finance with a loan of US$ 100 million.

However, Zipmex’s condition began to suffer from the crypto crisis. His party was forced to follow the steps of Celsius et al. namely suspending the withdrawal of fiat and crypto funds.

This was known from Zipmex Indonesia’s announcement through the Instagram story feature which was uploaded on Wednesday night.

In the announcement, Zipmex explained several factors that led the company to make this decision.

“Due to a combination of circumstances beyond our control, including market volatility, the Black Swan series of events and financial issues from our business partners,” Zipmex explained on their Instagram account.

“We have considered that to maintain the integrity of our platform. We have temporarily suspended the withdrawal feature until further notice,” continued Zipmex’s explanation.

The crypto crisis has caused many crypto companies to be hit by various problems, especially liquidity problems because it is difficult for those who provide loans to debtors to collect them because the debtor is also experiencing financial problems.

The fall of crypto does create a risk of contagion, where at the beginning this risk occurred at the crypto lending company, Celsius Network.

Celsius, who suspended the withdrawal of funds for the first time in mid-June, made many crypto companies inevitably do the same thing because their financial conditions made it impossible.

The crypto crash caused by the Terra token crash is already having a systemic impact on the crypto environment. This is because not a few crypto companies have exposure to Terra tokens, so that with the fall of these tokens, it will have an impact on the finances of crypto companies.()