Bitcoin Price Reaches IDR 1 Billion, Luno Indonesia Reminds of Crypto Asset Volatility

Liputan6.com, Jakarta – In the last week, Bitcoin has exceeded USD 68,000 or around IDR 1 billion (assuming an exchange rate of IDR 15,575 per US dollar). Bitcoin has broken its highest price against the Rupiah, driven by the rapid growth of the Bitcoin market globally.

Luno Indonesia Interim Country Manager Aditya Wirawan said, momentum bullish in the Bitcoin market, this is largely supported by positive sentiment following the approval of the spot Bitcoin ETF by the SEC in the US, as well as the flow of funds into the Bitcoin ETF.

“It's important to pay attention too though halving “Bitcoin which will occur in April is usually followed by positive price movements, but previous performance history is not an indicator of future performance,” said Aditya in a written statement, quoted Wednesday (6/3/2024).

Aditya added that the company that currently owns the largest bitcoin (BTC), MicroStrategy, has added 3,000 bitcoin tokens worth the equivalent of USD 155 million or the equivalent of IDR 2.4 trillion. This increased their bitcoin holdings to 193,000 coins. This purchase was made between 15-25 February.

Regarding Bitcoin's future movements, analysts predict a price correction after the upward trend. However, predictions regarding this correction are quite difficult to make due to the unprecedented nature of market dynamics.

“The factors that influence Bitcoin's price and market capitalization can be said to have only recently occurred, so certainty that this upward trend will last for a long period of time is very difficult to predict,” he explained.

Aditya also reminded that this momentum is a positive moment that must be accompanied by education because of the volatile nature of crypto assets.

“We always encourage investors to always study and apply wise decision making before investing. “Due to the volatile nature of crypto assets, we advise investors not to invest more money than they can afford,” concluded Aditya.

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