Negative sentiments haunt crypto market, causing drop in price

Published on 04/04/2023 at 03:08 GMT+7 Reading time

The crypto market began to weaken as billions of dollars of funds were withdrawn from the crypto asset market in recent months. According to Coinmarketcap data on April 4, 2023 at 6.50 WIB, the largest capitalized crypto market, Bitcoin (BTC) plunged 0.73% in the last 24 hours. Currently, it is holding at US$ 28,178.53 (IDR 422.53 million) per coin.

Meanwhile, in the last 24 hours, Ethereum (ETH) weakened 1.46%, to a level of US$ 1,794.63 per coin. On the other hand, Binance coin (BNB) fell by 0.35%, and settled at US$ 313.79 per coin.

One of the negative sentiments affecting the performance of crypto assets is the auctioning of 41,490 BTC in 2023. The auction is carried out as a punishment in relation to James Zhong who committed fraud in September 2012 illegally from the silk road dark web market.

Another negative sentiment is the decreasing number of global crypto ATMs by 13.91% since December 2022. As of January 2023, 1,587 crypto ATMs have been phased out, marking the second-largest decline after the loss of 399 units in September 2022. Meanwhile, in February and March 2023, another 275 and 3,627 crypto ATMs were shut down, respectively. Currently, as of April 1, 2023, there are 33,728 remaining crypto ATMs installed worldwide.

However, the most impactful incident was the General Bytes hack case on March 17-18, which resulted in US$ 1.5 million of crypto assets being stolen.

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