Jakarta, CNBC Indonesia - The value of digital currency (cryptocurrency) is indeed unpredictable. Because the price depends on the market mechanism, on demand and supply.
No central bank that regulates and distributes digital currencies makes the cryptocurrency price move wildly. Investors can become wealthy people overnight and can also fall into poverty overnight.
but in the last 2 days most investors will fall into poverty if they are late in releasing the most popular digital currency of Bitcoin.
The price of Bitcoin dropped in the last two days.
Quoting Coinbase, until 13:30 WIB, Bitcoin was traded in the range of US $ 4,589.84 per coin or equivalent to Rp. 66.99 million.
Throughout October the price of Bitcoin was stable in the range of US $ 6,400 per coin.
In the last 24 hours the price of Bitcoin has dropped 14%. In the past week the price has corrected 27.37%.
This is the lowest price of Bitcoin in the past 14 months. Even though November last year Bitcoin set a new record, the price touched a range of US $ 10,000 per coin.
This decline in prices affects Bitcoin's market capitalization.
If in the last October the market value (Bitcoin market capitalization reached US $ 112.15 billion, currently the market capitalization is US $ 81.86 billion.
That is, Bitcoin has lost its market valuation of Rp. 445.26 trillion in one month.
one of the causes of the price drop and Bitcoin market capitalization was the statement of European Central Bank Executive Board member Benoit Coeure at the Bank for International Settlements in Basel who issued a strong statement about Bitcoin, according to a report from Bloomberg News.
"Bitcoin is a very smart idea. Unfortunately, not all smart ideas are a good idea," Benoit Coeure said Thursday. "Bitcoin is the evil seed of the financial crisis."
Benoit Coeure also said he agreed with BIS head Agustin Carstens, who in June said, "Cryptocurrency is, in brief, bubble, Ponzi schemes and environmental disasters.