Crypto Investment
Contradanyc.com – Global crypto investment in cryptocurrency companies rose to USD 14.2 billion or around IDR 212.05 trillion (assuming an exchange rate of IDR 14,933 per US dollar) in the first half of 2022 from a record USD 32.1 billion or IDR 479.26 trillion last year. then.
The investment slowdown is expected to continue, according to a new report from global audit and consulting firm KPMG.
“Despite the crypto space collapsing significantly since the middle of the first quarter of 2022 due to the unpredictable Russia-Ukraine conflict, rising inflation and challenges experienced by the Terra crypto ecosystem, investment in mid-year remained well above all years prior to 2021,” KPMG noted in its report. quoted from yahoo finance, Wednesday (7/9/2022).
In the note, it highlights the maturing space and breadth of technology and solutions that attract investment.
The top deals in the first half of the year were venture capital investors placing USD 550 million or IDR 8.19 trillion in crypto storage company Fireblocks, USD 450 million or IDR 6.7 trillion in infrastructure builder Ethereum ConsenSy and USD 400 million or IDR 5.96 trillion to the FTX crypto exchange.
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In the second half of 2022, KPMG expects investors to move away from companies offering non-fungible coins and tokens (NFT) and towards blockchain infrastructure projects, particularly those involving the use of blockchain in updating financial technology.
Meanwhile, the company sees a growing focus on compliance and product traceability related transactions and increasing corporate interest in stablecoins as a low-risk path to investing in cryptocurrencies.
KPMG predicts that well-managed crypto companies with healthy risk and cost management strategies will survive the downturn.
While the resilience of other crypto companies will be tested very hard as some look to recapitalize at a lower valuation.
Sluggish Crypto Market, Investors Choose Ethereum Over Bitcoin
Previously, the movement of the crypto market on Tuesday (6/9/2022) was observed to be varied. Bitcoin is still under USD 20,000, to be precise in the range of USD 19,774 or equivalent to Rp. 294.4 million for the ninth day in a row. Meanwhile, Ethereum went the other way with BTC by surging nearly 4 percent.
Tokocrypto trader Nathan Alexander said crypto asset trading was fairly flat and tended to be quiet. This is due to the long holiday in the United States which is commemorating Labor Day. As a result, there has been no significant transaction action in the crypto market since the beginning of last week.
Meanwhile, the price of Ethereum is skyrocketing as it is linked to the imminent The Merge plan. Moreover, on September 6, there will be a Bellatrix upgrade, which is the last trial before the upcoming The Merge Ethereum. This was welcomed by investors by accumulating ETH.
“The price of ETH is being targeted towards the resistance level at the level of USD 1,911. If the price of ETH manages to breakout, then the next target is at the level of USD 2,230 to USD 2,548,” Nathan said in a market analysis received by Liputan6.com, Tuesday (6/9/2022). ).
In addition to ETH, Ethereum Classic (ETC) has also successfully shot up 25.85 percent in the last 24 hours. This comes after BTC.com, a blockchain explorer platform and crypto mining pool, launched a dedicated pool of free-of-charge ETC for the next three months.
Terra Attracts Attention
Then, the Terra network coin duo, Terra Classic (LUNC) and Terra (LUNA), managed to attract attention after the value of the two skyrocketed by 57.94 percent and 8.21 percent respectively in the past day. The value of the two jumped after continuing to be bombarded with good news in the past month.
“After activating the staking feature on its network at the end of last month, LUNC was reported to be able to burn its tokens on the Binance and Kucoin platforms on Monday,” Nathan explained.
If this activity actually occurs, then the supply of LUNC in the market is predicted to shrink by 1.2 percent. According to economic law, a decrease in supply will certainly have a good impact on the price of a crypto investment asset.
While technical analysis of Bitcoin’s movement, now BTC’s major support is at the level of USD 17,614 which is the lowest point of Bitcoin’s decline in 2022 which occurred on June 13.
“If there is a breakdown, it is possible that Bitcoin’s decline will continue with the next resistance at the level of USD 15,549,” concluded Nathan.
10 Thousand Bitcoins Stored Over 7 Years Traded Again, What’s Up?
Previously, an unusual blockchain data showed a large block of Bitcoin worth more than USD 200 million or around Rp. 2.9 trillion moving for the first time in years. This leaves crypto analysts confused and looking into this incident more deeply.
As of August 28, 2022, according to a post from crypto data analysis platform CryptoQuant, 5,000 BTC that has not moved for at least seven years has been transacted. The next day, data tracker LookIntoBitcoin showed another 5,000 BTC had been transferred.
Analysts say transaction data is insufficient to draw big conclusions and there is no hard evidence of why the coin was moved. It’s possible long-term holders will want to exit the market, even with bitcoin’s price of around USD 20,000, which is far from its all-time high of nearly USD 69,000.
Some other analysts think the transfer of this large amount of Bitcoin is because the holder just wants to make some administrative changes to the account status.
“This is definitely not a bullish sign. It’s hard to say what the impact will be,” said CryptoQuant, quoted from CoinDesk, Monday (5/9/2022).
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The lead blockchain data engineer at Coin Metrics, Antoine Le Calvez also took notice of the transaction. He stated the coin was somehow linked to cryptocurrency exchange Kraken.
“From most likely to least likely, old Kraken cold storage addresses, Kraken OTC (over the counter) deals, Kraken users,” he told CoinDesk via email.
This isn’t the first time bitcoin’s long inactivity has occurred. In May 2020, the market was rocked by speculation Bitcoin founder Satoshi Nakamoto might be engaged in a small number of cryptocurrencies.
Wallets tagged with Nakamoto that have never been definitively identified are closely watched by crypto investment analysts. The hoard is so large that if it were to be liquidated, if liquidation were to occur, the price of bitcoin would fall.
This is not the first time this year large long inactive BTC transactions have been seen. The CryptoQuant post says over 10,000 BTC was moved when BTC price was at USD 47,700 in March, 2,800 BTC was moved in May, and over 1,100 BTC was moved at USD 23,000 per coin in July.
