Uncovered, Robert Kennedy Jr. Saves Bitcoin Equivalent to IDR 3.78 Billion

Previously, Bitcoin touched a 13-month high on Thursday, July 6, 2023 as demand for institutional bitcoin grew bigger following comments from BlackRock CEO Larry Fink.

Reporting from CNBC, Friday (7/7/2023), the largest cryptocurrency had risen to around USD 31,450 or the equivalent of IDR 477.9 million (assuming an exchange rate of IDR 15,196 per US dollar), reaching its highest level since June 2022. After US jobs data The better-than-expected increase in investors’ concerns about the path of interest rates.

The earlier moves contrasted with weaker share prices and rising yields. The yield on the 10-year US Treasury note later rose above 4 percent to a 16-year high.

In addition, the minutes from the Federal Reserve’s June meeting, released Wednesday, showed most officials would support more rate hikes ahead. Cryptocurrency liquidity has been low for several months, constantly exaggerating its ups and downs.

BlackRock CEO Sentiment

BlackRock CEO Larry Fink gives bitcoin its biggest backing from major institutional players. Speaking on Fox Business News on Wednesday, Fink called bitcoin an international asset and said it was not based on any one currency so it could represent an asset that people could play with as an alternative.

Bitcoin has been steadily rising since June 15, when BlackRock, the world’s largest asset manager, first proposed launching a spot bitcoin ETF.

The number of coins held by institutions through trusts, ETFs, and funds has soared since then, reaching its highest level in more than a year, according to CryptoQuant, and open interest in bitcoin is back to levels before the FTX collapse.