Bitcoin Price Rises, Market Welcomes Positive For Trump's Crypto Summit Plan
JAKARTA - The price of Bitcoin has increased today to US$91 thousand or around Rp1.48 billion on Thursday, March 6, after being corrected to reach the level of 82 thousand US dollars (Rp1.33 billion) on Tuesday, March 4.
Responding to these conditions, crypto analyst Reku, Fahmi Almuttaqin said that the volatility and dynamics of the market were also influenced by a number of factors, including policies made by Donald Trump.
"First, the concerns of market participants regarding the potential implications of trade wars, especially against rising inflation and the pressure on economic growth are still quite high," said Fahmi.
In addition, Fahmi added, the realization of changes to US crypto policies that are more supportive and more clear about the US government's support for innovations in the crypto industry in general is still reaping the spotlight.
On the other hand, US President Donald Trump will hold the first Crypto Summit at the White House on March 7, which will be attended by leading crypto company executives such as Coinbase CEO, Chainlink Labs founder CEO Exodus CEO, and also CEO Robinhood.
SEE ALSO:
According to Fahmi, in general the market responded quite positively to the initiative which caused the price of Bitcoin and several other crypto assets to greenen today.
"However, the market still highlights the potential realization of the results of the meeting, especially considering Trump's efforts so far which have been more limited to strengthening pro-crypto narratives," he added.
In addition to clarifying the direction of regulation and concrete steps related to US national crypto reserves, Fahmi also appealed to investors to continue to pay attention to whether the meeting resulted in an inclusive regulatory roadmap or only benefiting some industrial elites.