Crypto Market Falls, Bitcoin Price Falls to US$ 43,000

The crypto market crashed Thursday (7/4), with Bitcoin price plunging to as low as $43,000 while Dogecoin plunged the deepest.

Referring to CoinMarketCap data on Thursday (7/4) at 13:10 WIB, Bitcoin price was at US$ 43,398.71 or down 4.36%. At the same time, the price of Ethereum fell 4.51% to US$ 3,213.77

While Terra's price fell 7.52% to US$ 108.20, Solana fell 9.8% to US$ 114.14, and Cardano fell 7.16% to US$ 1.07.

The price of Dogecoin plunged the most, hitting 10.73% to US$0.144, and the price of another meme-based cryptocurrency Shiba Inu fell 5.63% to US$0.0000247.

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The price of Bitcoin and most other cryptocurrencies fell following the release of the minutes of the meeting of the US central bank, the Federal Reserve (The Fed) which discussed another half-point interest rate hike.

Fed Chair Jerome Powell last week said a half-point interest rate hike was a way to curb US inflation, which has almost touched 8 percent, the highest level in four decades.

And, US inflation has the potential to rise as the Russia-Ukraine conflict continues to rage, sabotaging energy prices and global supply chains.

In an interview with CoinDesk TV's First Mover program, Scott Freeman, Founder of JST Capital, stated that global unrest has damaged the price of Bitcoin.

However, there has been a massive buy-in over the last 10 days by the Luna Foundation and MicroStrategy, who bought up more than $190 million.

"It's hard to know where Bitcoin is moving right now," Freeman said. "Ultimately, we believe there is a macro business theme in an environment where people don't want to take risks nowadays. People are looking for opportunities to sell and make a profit."

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But, Freeman adds: "We think, in the long term, Bitcoin and other cryptocurrencies are really good places to put some percentage of your portfolio".

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