Bitcoin Approaches IDR 2 Billion, Ethereum Touches IDR 73 Million: Positive Sentiment Strengthens

JAKARTA - The crypto market is getting stronger again. Based on the latest data via Tokocrypto on Monday, August 11, the price of Bitcoin is in the range of 121,845 US dollars (Rp1.98 billion).

Meanwhile, over the past 24 hours, the Magic Financial Expert, Panji Yudha, recorded Bitcoin (BTC) rising by +2.05% in the last 24 hours.

Not only Bitcoin, Ethereum (ETH) also recorded an important momentum, again breaking the psychological level of 4,000 US dollars (Rp65.1 million) on Friday, August 8 for the first time in eight months.

Positive sentiment was reinforced by news that Harvard University invested $116.6 million into IBIT, BlackRock's Bitcoin ETF, which is now the largest portfolio of the five campuses.

In addition, the El Salvador Legislative Assembly's move to ratify an Investment Banking Law that allows investment banks to store Bitcoin in their balance sheet is also another supporting factor.

Panji added that Bitcoin (BTC) is estimated to be moving in the range of 118,000 USD 123,000 or around IDR 1.92' IDR 2 billion. Meanwhile, Ethereum is expected to move at the level of 4,1504,500 US dollars or around IDR 67.5" IDR 73.1 million.

However, analysts are also reminiscent of potential short-term corrections given the rapid rise that has occurred in recent days.

With the combination of fundamental factors, technical support, and investor euphoria, BTC's chances of setting a new record are wide open.

However, as usual in the crypto world, volatility is a friend as well as a challenge, investors must remain vigilant while enjoying their journey to a new peak.

They also reminded the importance of risk management strategies. High volatility, which is characteristic of Bitcoin, can trigger extreme price movements in a short time.