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Uncovering the Direction of the Indonesian Crypto Market After the Bitcoin Halving

Previously, Tokocrypto trader Fyqieh Fachrur estimated that the maximum Bitcoin price that still has a chance of being reached by the end of this year is around USD 100,000 or the equivalent of IDR 1.6 billion.

This estimate appears even though Bitcoin is still under pressure and negative sentiment after the halving as of April 20 2024. However, Fyqieh emphasized that the maximum Bitcoin price also depends on market sentiment and the potential for large demand from institutions.

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“Looking back at history, the halving in 2012 marked the beginning of Bitcoin's meteoric rise, pushing its price by 92x post-halving. Subsequent halving events in 2016 and 2020 saw significant increases of 30x and 8x respectively,” he explained, Monday (29/4/2024).

The increase in Bitcoin trading has also helped Tokocrypto succeed in dominating around 43 percent of the market in early 2024. Based on CoinMarketCap data, Tokocrypto has more than 4 million users, and average daily transactions exceed USD 30 million.

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Tokocrypto CEO Yudhono Rawis said, this record includes more than 400 types of tokens and coins traded on the Tokocrypto platform.

“The number of our users in Q1 2024 compared to Q2 2023 jumped by plus 165 percent to more than 175 thousand new users. Meanwhile, trading volume in the same period increased by plus 161 percent to reach more than USD 2.5 billion,” he explained.

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“With current market conditions, Q1 2024 transaction performance will almost reach USD 3 billion or 75 percent of total transactions in 2023,” added Yudho.

Uncovering the Direction of the Indonesian Crypto Market After the Bitcoin Halving

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