JAKARTA – Two major Wall Street indexes, S&P 500 and Dow Jones closed lower in trading yesterday. This triggered a sharp decline in the price of the digital currency cryptocurrency, on marketplace today.
Seen from Coindesk, Friday July 10, at 07.48 WIB, the price of Bitcoin (BTC) turned red and fell 0.7 percent in the last 24 hours. With the lowest price at the market opening at 9 US dollars per coin.
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“We saw an overall trend of stocks lower at the market open today, often causing bitcoin prices to drop,” said Karl Samsen of Global Digital Assets.
According to Karl, the trend of global stocks is grim enough to start a business so equity will drop even more. Thus the stock market will not perform well at the close of trading this weekend.
“We see a W-effect in terms of reopening COVID-19,” he added.
Not only Bicoin, a number of other digital currencies such as Ethereum (ETH), Litecoin (LTC) to Bitcoin Cash (BCH) also appear reddening. With a decrease in prices of around 0.15 percent to 2.58 percent in the last 24 hours.
Bitcoin Index in the last 24 hours (doc. Coindesk)
Even though since last May Bitcoin has just done a halving, the cryptocurrency reprogramming process to cut miners’ income from the process of parsing the algorithm. Currently, miners are rewarded with 12.5 BTC per block, which will be mined in May to 6.25 BTC per block.
This halving process takes place every four years and is written in the code that underlies Bitcoin. The goal is to maintain inflation. This process will reduce the supply of Bitcoin to the market so that the price can be increased.
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