Bitcoin, Ethereum and Dogecoin Prices Drop Today: Here’s Why!

Bittime - Today's crypto markets, including Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE), experienced significant price declines. So, what's the cause? Is it because of the recent Crypto Czar press conference?  

As we know Bitcoin, Ethereum and Dogecoin fell sharply after the announcement of the formation of a new regulatory oversight committee by David Sacks, who was recently appointed as "Crypto Czar". 

In the last 24 hours, total liquidations in the market reached nearly $485 million (around IDR 7.9 trillion), adding to uncertainty among investors.

Crypto Market Conditions Today

The latest data shows:

• Bitcoin (BTC) fell 3% and traded around $98,240, or the equivalent of IDR 1,606,000,000.
• Ethereum (ETH) down 2% at a price of around $2,735, or the equivalent of IDR 44,700,000.
• Dogecoin (DOGE) fell by 5% to reach $0.2649 (around Rp. 4,300).

Overall, cryptocurrency market capitalization also decreased by 2.92% to around $3.23 trillion (around IDR 52,800 trillion).

Causes of Decline

One major factor was David Sacks' announcement of the creation of a bipartisan committee to formulate regulations for digital assets. Although this step was taken to provide legal certainty for the cryptocurrency industry, the market responded with concerns regarding the possibility of stricter regulations being implemented.

Ethereum was also affected even though it received attention from social media through Eric Trump's recommendation to buy ETH. However, selling pressure still dominates after Dogecoin previously experienced a 15% increase.

Read Also: 
Bitcoin Price Drops, BTC Crash Analysis
Ethereum Crash: What are the Future Prospects?

The Impact of Crypto Czar David Sacks' Policies

The formation of this committee is expected to develop clearer regulatory guidelines for cryptocurrencies in the US. However, many investors are concerned that the new policy could limit innovation and growth in a rapidly developing market.

Analysts' Views

Some analysts predict:

• Bitcoin it will likely consolidate between $98,300 and $101,000 (around IDR 1,603,000,000 - IDR 1,646,000,000).
  According to Rekt Capital, although Bitcoin briefly touched the $101k level, the price failed to hold as a support level.
  
   
• Bitcoin is also trading in a wider range between $90,900 and $108,500 (around IDR 1,479,000,000 - IDR 1,767,000,000) without a clear trend direction, according to analyst Ali Martinez.
  
   

With uncertain market conditions, investors are advised to be careful and continue to follow developments in regulations and market sentiment in order to make the right investment decisions.

FAQ 

1. Why does the formation of a regulatory committee affect prices?
Because concerns about new regulations create uncertainty that encourages investors to sell.

2. What is liquidation in the crypto market?
Liquidation is the automatic closing of a trading position when losses reach a certain limit.

3. How should investors deal with volatile markets?
Investors are advised to follow market developments, conduct risk analysis, and not invest more money than they can afford to lose.

How to Buy Crypto on Bittime

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Start with registration and identity verification, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!

Check the exchange rate BTC to IDR, ETH to IDR, SOL to IDR and other crypto assets to find out today's crypto market trends in real-time on Bittime.

Also, visit the Bittime Blog for interesting updates and educational information about the crypto world. Find reliable articles about Web3, blockchain technology, and digital asset investment tips designed to enrich your crypto knowledge.