Bitcoin Price Drops to Lowest Level in Three Months, ETH Worse Even More

JAKARTA - Bitcoin prices have decreased by 3 percent in the last 24 hours, reaching their lowest level in the last three months. This happened along with news that the FTX crypto exchange was experiencing difficulties trying to liquidate its crypto holdings.

CoinGecko data shows that Bitcoin is currently trading at 25,048 US dollars (equivalent to IDR 307,620,521), which is the lowest level since mid-June. Ethereum, the second largest digital asset by market capitalization, was also hit hard with a current price of just 1,543 US dollars (or IDR 23.6 million), reaching its lowest level in the last six months.

Not only Bitcoin and Ethereum were affected, altcoins such as ApeCoin, Sui, and XRP also experienced significant price drops. The plunge in crypto prices was related to an announcement from FTX stating that they were seeking regulatory approval to liquidate their holdings worth 3.4 billion US dollars (around IDR 52.1 trillion), which includes Solana, Bitcoin, Ethereum and other digital assets.

Despite Bitcoin experiencing a recent price surge, with interest from Bitcoin ETF applications and support from major asset managers like BlackRock, major regulators have yet to give approval to the anticipated crypto product.

This delay caused crypto market liquidity to decrease and overall investment interest also plummeted. Despite this, Bitcoin is still far above its price earlier this year when it was trading below 17,000 US dollars (IDR 260 million) per coin.

Even so, BTC still has a long way to go to reach its highest level in November 2021 at 69,044 US dollars or around IDR 900 million per coin that year.