Amid Iran-Israel Tensions, Bitcoin Prices Recover

JAKARTA - Although the investment climate, including crypto assets, has decreased due to an attack by Israel on Iran today, April 19, 2024, currently cryptocurrencies have recovered.

On April 19, Bitcoin was known to be trading at the level of US$60.800 (Rp988 billion). However, data from Coinmarketcap states that today's Bitcoin price is perched at US$65.118 or around Rp1.05 trillion, up 1.60 percent over the past 24 hours.

"Actually, crypto assets are a class of assets that do not have direct relationships or are associated with certain countries, governments, or organizations. So, in theory, the impact of geopolitical conflicts or even war on the crypto market tends to be minimal compared to other investment instruments," said Crypto Analyst Reku, Fahmi Almuttaqin, quoted on Sunday, April 21.

Thus, Fahmi added, crypto assets are an interesting instrument to maintain asset value in the midst of conflict situations and uncertainty in economic recovery.

"In addition, crypto assets also have the potential to recover faster after corrections, because they can be accessed openly by investors from various countries and backgrounds," added Fahmi.

The current potential for crypto market recovery is also supported by the momentum of Bitcoin breaking. However, Fahmi said that halving would not automatically increase the price of Bitcoin.

"Bitcoin tends to start a real rally between 1 and 5 months after halving occurs," explained Fahmi further. Many crypto analysts and traders are optimistic about the potential for Bitcoin bullish in the long term.