The crypto market moved lower in the last 24 hours when news of spot bitcoin ETFs faded slightly and pressure on interest rates in the United States (US) which had the potential to increase. Referring to CoinMarketCap on Monday (27/11/2023) at 07.26 WIB, the crypto market tends to weaken. Bitcoin fell 0.75% to US$37,499.26 even though it was still up 0.69% on a weekly basis. Ethereum is in the negative zone of 0.72% in the last 24 hours even though in the last seven days it rose 3.12%. BNB fell 0.78% daily and fell 5.71% weekly. Likewise, Solana depreciated 1.93% in the last 24 hours and fell 5.22% weekly.
The CoinDesk Market Index (CMI), which is an index for measuring the market capitalization-weighted performance of the digital asset market, fell 0.85% to 1,554.81. Open interest depreciated 0.24% at US$34.44 billion. Meanwhile, the fear & greed index reported by coinmarketcap.com shows the number 71, which shows that the market is in the greed/optimistic phase with the current economic conditions and crypto industry.
Reporting from newsbtc.com, it was observed that bitcoin mining difficulty will increase again in 2023, bringing the metric to a new all-time high. Bitcoin “difficulty” is an important aspect of the network that controls the speed at which new blocks are added to the blockchain at any given time.
According to data from BTC Blockchain Explorer, the Bitcoin network underwent a significant adjustment at block height 818,496. This caused the blockchain difficulty to spike by 5.07%, reaching a new all-time high of 67.96 T. Mining difficulty is an important feature that measures how much power is required to verify a block of transactions on the bitcoin blockchain. An increasing mining difficulty value indicates higher demand for the bitcoin network, while a lower difficulty value implies that there are fewer miners on the network.
As a result, in recent times, the crypto market has been quite enthusiastic, but this is different in the last 24 hours which has actually experienced a decline. One of the reasons for referring to nasdaq.com is the lack of news regarding spot bitcoin ETFs which have to wait until January 2024.
For your information, investors expect that the Securities Exchange & Commission (SEC) will approve spot bitcoin ETFs in stages to avoid investors accusing the SEC of playing kingmaker. On the other hand, the US central bank (The Fed), which has the potential to raise interest rates in January 2024, is also putting pressure on risk assets, one of which is crypto. According to the CME Fedwatch tool, 10.9% of market players believe the Fed will raise interest rates by 25 basis points (bps) to the level of 5.5-5.75%.
