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Queconomics – Analysts have predicted that now is a good time to swing trading crypto. The price of cryptocurrencies this week has continued to fall, one of which is Bitcoin. It is the cryptocurrency with the world’s largest market capitalization.
Analysts expect bitcoin to fall by as much as 50%. Coindesk data on trading a few weeks ago showed bitcoin was down 2.76% in the last 24 hours. The price ranges from USD 47,500 to USD 51,400 per coin.
The second-largest cryptocurrency by capitalization, Etherium, was also down nearly 3%. The lowest price is $2,100 and can go up to hundreds of dollars per coin. Several other currencies began to show recovery. Dogecoin, which had fallen yesterday, has now jumped more than 10%.
It is The Right Time to Swing Trading Crypto. Here is The Reason
Luno’s Head of Business Development, Vijay Ayyar, said the simultaneous decline in cryptocurrency prices triggered speculation that US President Joe Biden wanted to increase the tax on long-term capital gains or capital gains.
Investors are concerned that the policy could curb cryptocurrency investment. Biden is rumoured to be raising the capital gains tax for wealthy people in his country to 43%. The value is higher than the federal tax rate on wage income.
For the return of assets stored in taxable accounts, new tax rates will apply. People can only sell this asset after more than a year of storage. They initially triggered a sell-off in the stock market.
Then, the action extends to cryptocurrencies and wipes out multiple hundreds of billions of dollars from the market value. To date, several cryptocurrencies have hit their lowest point in a year.
Crypto Investment and Swing Trading Crypto Risk
The choice of investment instrument depends on the ability of each investor to absorb risk. However, investors must pay attention to and mitigate the balance between risk and return. Money management is essential.
In Indonesia, crypto money can only be used as an investment in futures exchanges. Chief Executive Director of the BI Communications Department Erwin Haryono said cryptocurrencies should not be used as a means of payment in Indonesia.
BI also monitors the use of cryptocurrencies in investment, even though the supervision is in the Financial Services Authority. Bank Indonesia (BI) warned investors to be careful when investing using this currency.
“We are warning about the risks because there are no underlying assets,” he said in the Media Briefing on Payment System Readiness during Ramadan and Eid al-Fitr. Market analyst Muhammad Wafi also predicts the same thing.
According to him, crypto money is quite risky to be used as an investment instrument because this digital currency does not have an underlying asset. But swing trading crypto always provides good profits.