Bitcoin and Set New Records, Cut Exchange Transaction Value?

Liputan6.com, Jakarta – Bitcoin, the most popular crypto asset, has strengthened again after briefly correcting from its latest record. Bitcoin (BTC) was briefly above USD 69,000, and quickly reversed course on Tuesday, March 5, 2024.

Bitcoin touched its all-time high (All-time High/ATH) at USD 69,200 or around IDR 1 billion, before a sharp correction occurred below USD 60,000. Similar enthusiasm was shown by the domestic stock market.

The Composite Stock Price Index (IHSG) Thursday, March 7 2024 closed up 0.60 percent to 7,373.96, a new all-time high. Unfortunately, in terms of transaction value on the Exchange, it looks sluggish.

In Thursday's trading, the average daily transaction value (RNTH) only reached IDR 11.98 trillion. Meanwhile, the Indonesian Stock Exchange (BEI) is quite confident that the average (RNTH) of shares can reach IDR 12.25 trillion in 2024.

“For transactions there may indeed be an influence from crypto. But the ORI and SR offering period may also have an influence by providing coupons above 6% which is very attractive for retail investors,” said the Director of Trade and Member Regulation of the Indonesian Stock Exchange (BEI), Irvan Susandy to journalist, quoted Friday (8/3/2024).

According to Irvan, current investors may still be wait and see regarding the determination of the results of the general election (election). However, in the long term, Irvan is optimistic that the Indonesian market is still very attractive, marked by the entry of foreign investors and the increase in the IHSG to the point of reaching a new ATH.

“What also needs to be considered is that local institutional transaction activity is not as enthusiastic as before the pandemic,” added Irvan.

Apart from continuing to fix the sides supplies And demand by increasing the number of issuers and investors, BEI is preparing and will carry out several initiatives such as plans to provide liquidity providers, improvements to short selling, new products such as single stock futures and others. This is to increase market deepening in addition to efforts to increase liquidity.

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