Bitcoin Breaks IDR 1.65 Billion Driven by Optimism of US Crypto Bill and ETF Inflow
JAKARTA - The price of Bitcoin (BTC) has strengthened again in the last 24 hours with an increase of 1.62% and moving to the level of US$96,760 or equivalent to Rp1.63 billion.
Financial Expert Ajaib, Panji Yudha, said that this crypto market sentiment is driven by a combination of fundamental and technical factors, especially regulatory developments in the United States and the rapid flow of funds into Bitcoin ETF products.
In fact, the highest price of Bitcoin was recorded at 97,924 US dollars (Rp1.65 billion) following the announcement of a draft of a new bill in the US Senate which was considered to provide a clearer regulatory framework for the crypto industry.
"Bitcoin ($ BTC) managed to climb above the $97,000 level (Rp1.63 billion) on Wednesday, driven by optimism over new legislative measures in the US crypto market," said Panji.
One of the main catalysts for market strengthening is the submission of a draft law entitled the CLARITY Act by the US Senate Banking Committee. This bill is considered to bring significant changes in the digital asset regulation map.
Some important points in the draft regulation include:
Regulatory parity, i.e. the classification of major crypto assets such as XRP, Solana, Dogecoin, and Bitcoin in an equivalent framework.
The determination of the status of regulation based on ETFs, where assets that have been involved in ETF products will receive similar treatment to Bitcoin.
"In this scheme, Litecoin, Hedera, and Chainlink are expected to receive clearer regulatory status," he added.
From an institutional perspective, investor interest in Bitcoin is also reflected in the surge in funds entering the Bitcoin spot ETF. On Tuesday, the ETF product recorded a daily inflow of US$750 million, the highest in the last three months.
"The rapid flow of funds into ETFs shows that institutional investor interest is strengthening again and is the main support for the current Bitcoin price rally," said Panji.