Bitcoin Drops To Low, Ripple Worst

Cryptocurrencies ( cryptocurrency ) fell again in trading Tuesday (8/6/2021) morning Indonesian time, after yesterday's trade had rebounded and moved higher.

Based on data from Investing at 09:00 WIB, Bitcoin price fell 7.95% to the level of US$ 33,778.20/coin or equivalent to, Ethereum fell 6.66% to US$ 2,606.41/coin, Litecoin fell 9.58% to US$ 163.10/coin.

Next, Chainlink fell by 11.52% to US$ 24.83/coin, Ripple fell 10.73% to US$ 0.864/coin, Cardano corrected 8.07% to US$ 1,576/coin, and Dogecoin fell 9.48% to US$ 0.337/coin

The price of Bitcoin and other cryptocurrencies fell again to their lowest level in the past week as traders looked down on the prospect of a change in US monetary policy and tightening of cryptocurrency regulations in China.

It marked the biggest daily loss, having fallen by 6.2%, the most since May 28, amid selling pressure triggered by waning investor sentiment for a bullish trend .

Some of the negative sentiment points to the ongoing pressure from China regarding crypto mining and trading operations, where the social media site Weibo, which contains influential figures in Chinese crypto, has been blocked.

“China continues to suppress crypto with a rolling mining ban that wipes out the most popular social media platform, Weibo, now clear of crypto influencers ,” said Jehan Chu, managing partner at Hong Kong-based crypto investment firm Kenetic Capital, quoted by CoinDesk .

The crypto market is also quite volatile because investors see the possibility that the central bank of the United States (US), the Federal Reserve (The Fed) begins to tighten its liquidity.

Although some, including the hedging as Skybridge Capital, whose ownership Bitcoinnya exceed US $ 310 million say the reduction of US monetary policy may not affect crypto and gold, by reason of the asset class has a fairly strong resistance.

Meanwhile, Germany's Deutsche Bank said the US could be in one of its worst inflationary periods in history with government spending and loose monetary policy likely to be the catalyst for creating conditions last seen in the 1940s and 1970s.

"While the long-term fundamentals remain intact, the US monetary policy and macroeconomic causes anxiety short term," said Chu, quoted CoinDesk .

"Indeed, investors have offloaded some of their investments in hopes of entering at a lower point as US monetary and fiscal policy grows clearer," he added.

On the other hand, US federal officials have recovered at least $2.3 million worth of Bitcoins that Colonial Pipeline paid to criminal groups during the ransomware attack .

Colonial Pipeline paid about $4.4 million in Bitcoin to hackers linked to the Darkside group, after its payment system was frozen last month.

The company was forced to stop distribution of fuel oil across the US East Coast, sparking fears of gas shortages in 12 states.

Deputy Attorney General Lisa Monaco said Monday that the company is contacting law enforcement, allowing federal agencies to track and confiscate Bitcoin wallets.

"The Department of Justice has found and recovered most of the ransom that Colonial Pipeline paid to hackers ," Deputy Attorney General Lisa Monaco told a news conference.