Indonesia's Crypto Tax Revenue Declines Even Though Bitcoin Value Breaks Record High

Bitcoin experienced a rollercoaster ride on Tuesday, March 5 2024. Bitcoin reached a new all-time high at USD 69,170 or around IDR 1.08 billion (assuming the exchange rate of the United States dollar against the rupiah was around 15,720) before plummeting.

Meanwhile, the price of bitcoin in the last 24 hours fell 0.57 percent to USD 66,457. Over the past week, the price of bitcoin has skyrocketed 16.32 percent, based on data from Coinmarketcap.com, Wednesday, March 6 2024.

This volatility comes amid a weeks-long surge sparked by the approval of a Bitcoin ETF in January. Although the price drop was dramatic, analysts argue that this is common behavior during bull markets.

Historical data shows Bitcoin's previous rise to an all-time high was marked by a similar period of significant correction. In 2017, Bitcoin experienced a decline of more than 25 percent and headed towards an all-time high. Meanwhile, in the first half of 2021, during the post-pandemic surge, a similar pattern also emerged, with a correction of around 10 percent.

This historical context provides perspective on the current volatility, suggesting that this may not be a cause for concern, but rather a characteristic of a bull market.

In a recent post on the

Launching the Coindesk page, Wednesday (6/3/2024), Bitcoin open interest fell USD 1.46 billion (-12 percent) over several hours, while Ether fell USD 967 million (-15 percent), and Solana fell USD 424 million ( -20 percent).

Bitcoin price reached a new all-time high of just above USD 69,200 on March 5, only slightly higher than the previous high of USD 69,044 in November 2021.