US Inflation Reduction, Bitcoin Price Rises To 66,000 US Dollars

INDODAX CEO, Oscar Darmawan. (Photo: Doc. INDODAX)

JAKARTA - Currently, the decline in US inflation in the Bitcoin market shows an upward trend that has received a lot of attention among investors. Based on the latest data, the price of Bitcoin (BTC) managed to stabilize above $65,000 and touched $66,000 after experiencing volatility this week.

As of today, Saturday 18 May 2024 Bitcoin touched the price of 66.967 US dollars. Interestingly, the decline in the US inflation rate has affected market sentiment positively.

Data from Trading Economics and US BUREAU OF LABOR STATISTICS shows that the Consumer Price Index (CPI) is lower than expected, at 3.4%, signaling a decrease in inflationary pressure.

"The decline in US inflation provides fresh air to the crypto market, especially Bitcoin. This strengthens investor confidence in Bitcoin's potential as a hedge against inflation and assets that are able to offer higher returns amid global economic uncertainty," said INDODAX CEO Oscar Darmawan, in his statement.

In addition, the increase in Bitcoin prices is also supported by increased trade activity among retail investors and institutions. The increasing funding rates show an increase in purchases with leverage in many retail exchanges.

Momentum like this is highly anticipated by investors every month. The determination of the decline or increase in inflation in the United States has a significant impact on interest rates globally. In this context, investors will make the US inflation rate one of the main references in determining the most appropriate investment instruments to choose from.

In this regard, Oscar said it was important to take advantage of moments like this to invest with the Dollar Cost Averaging (DCA) technique through the 'Ruttine Investment' feature on INDODAX.

"Doing DCA will help us to regulate our investment and will be profitable when there are moments like this," he explained.

DCA techniques allow investors to buy crypto regularly with the same amount every month, thereby reducing the risk and impact of market volatility. This is a very effective strategy in the long term to accumulate assets at lower average costs.