Analysts Call Bitcoin Successfully Rebound After Largest Liquidation In History

JAKARTA - The crypto market has surged sharply in the last 24 hours. Bitcoin (BTC) today skyrocketed more than 4% after a severe drop last weekend, and perched at 121,750 US dollars (Rp2,01 billion).

The Financial Expert Ajaib, Panji Yudha, explained that this increase was triggered by the easing of trade tensions between the United States (US) and China.

"The statements of the two parties on Sunday, October 12, indicate readiness to continue negotiations, raising new hopes for global market recovery," Panji said in a statement.

Because previously, the announcement of the US President, Donald Trump, regarding the 100% increase in tariffs on imports from China and software export restrictions had rocked the crypto market and world stocks.

Investors are now watching developments in US-China trade negotiations, which are the main keys to the stability of digital and traditional markets in the fourth quarter, he added.

He said the increase marked a significant recovery after the crypto market experienced the largest liquidation in history, with a total deleted leveraged position of 19 billion US dollars or around IDR 315 trillion in just 24 hours.

Data Coinclass noted that more than 1.6 million traders were affected, with Bitcoin contributing 5.34 billion US dollars (Rp88.5 trillion) liquidation, followed by Ethereum 4.39 billion US dollars (Rp72.8 trillion) and Solana 2 billion US dollars (Rp33.2 trillion).

Ajaib estimates that Bitcoin will today move in the range of 113,000 US dollars or Rp1.87's 1.93 billion, while Ethereum is projected to move at the level of 4,100'4,300 US dollars or Rp68'71.3 million.