Bitcoin Price Prints New All-Time High Record Reaches IDR 1.98 Billion, What Happened?

JAKARTA - Bitcoin (BTC) again shocked the market by breaking the figure of US$119,000 or around Rp1.93 trillion on July 13, and US$122,000 (Rp1.98 billion) this afternoon.

In the last 24 hours, the price of Bitcoin has moved in the range of 117,766 to 122,105 US dollars (Rp1.91 - 1.98 billion) with a graphic trend showing a sharp rise towards the end of the session.

Pintu as one of the crypto asset exchange platforms in Indonesia explained that this increase was driven by a combination of positive sentiment from retail institutions and investors, which prompted many parties to monitor crypto developments more seriously.

One of them is the increasing trust of institutional investors. Major financial institutions are starting to increase exposure to BTC, strengthening optimism among market players and attracting retail investors to participate.

In addition, the widespread adoption of blockchain technology in various sectors also supports the Bitcoin price rally.

The significant increase in Bitcoin prices has triggered a price spike in other crypto assets such as Ethereum, which is up 3.41%, Solana up 3.56%, and Ripple (XRP) up 6.47%.

Many traders and investors who were previously still doubtful are now starting to return to the market, increasing overall liquidity and trading activity. On the other hand, high volatility remains a major risk, where price corrections can occur at any time," Pintu wrote in his official blog.

The BTC price rally also creates a short size phenomenon, where traders who take up the position of selling (short) are forced to close their positions due to sudden price increases.

With the price of Bitcoin continuing to rise, Cardano (ADA) founder Charles Hoskinson predicts that the price of Bitcoin could reach 250,000 US dollars (Rp 4 billion).

The increase was thanks to the adoption of stablecoins by institutions, increasing demand for Bitcoins as treasury assets, and the Federal Reserve's expectations of cut in interest rates.

"When interest rates are lowered, there will be a lot of fast cheap money, and that money will flow into crypto," Hoskinson said.