Accumulated Bitcoin Purchases Reach IDR 368.6 Trillion

Previously, the crypto market in the past week experienced a significant price decline. The decline in crypto prices is thought to be the result of several factors.

Some of them are like fears of a recession in the US after the release of employment sector data last week, the potential selling pressure of more than 17 thousand Mt. Gox creditors who have received the return of their crypto assets.

Then, the Bank of Japan’s policy of raising interest rates and reducing bond purchases, as well as the relatively low growth in crypto adoption, also contributed to the market decline.

So what is the potential of the crypto market going forward after a fairly deep correction?

Responding to this condition, Reku Crypto Analyst, Fahmi Almuttaqin said that the optimism of Bitcoin miners is still relatively high, where there is only a slight decrease in the hash rate, which is a normal fluctuation and does not indicate that miners will stop mining operations.

Fahmi explained that this is different from the significant drop in the hash rate on June 23, which was then followed by a further drop in Bitcoin prices from USD 64,000 to USD 59,000 on June 25 and USD 54,000 on July 5.

“With this optimism, Bitcoin’s performance is still open to improvement,” said Fahmi in an official statement, quoted Thursday (8/8/2024).

With the bullish trend seemingly holding despite the selling pressure in the market, the August-September period may be a period of accumulation by some investors to prepare for the major rally in the crypto bull phase that could potentially occur after the Fed’s interest rate policy change.

“However, it should be noted that if interest rates are lowered when US inflation has not been sufficiently suppressed, there is a possibility that interest rates will be held back, especially if inflation rises again. This may hamper the ongoing rally,” Fahmi said.