7.95 Percent Drop For Bitcoin, Time To 'Serok' Again

Illustration. (Photo: Unsplash)

JAKARTA - Bitcoin (BTC) experienced a significant decline after the announcement of the US interest rate. On Monday, July 29, 2024, the price of Bitcoin was around the 70,000 US dollars level. However, on Friday, August 2, 2024, the price of Bitcoin fell below the level of 64,470 US dollars and recorded a decline of around 7.95 percent.

This decline has liquidated the Bitcoin market worth 38.83 million US dollars on July 31, 2024. This decline also had an impact on other altcoins, one of which is Ethereum, which is now trading at 3,149,40 US dollars, a decrease of approximately 7.2 percent in the same period.

These corrections can be triggered by several factors, including the impact of Mt. Gox, where the payment process to creditors is still ongoing. Also, other factors such as the outflow of the BTC ETF on Wednesday, July 31, 2024, and the results of the FOMC.

As is known, based on the latest Federal Open Market Committee (FOMC) decision, interest rates are at 5.5 percent, while signaling that interest rates may fall in September. The policies issued by FOMC affect the price of crypto assets, either directly or indirectly. This is because crypto assets are believed to move opposite to USD.

INDODAX CEO Oscar Darmawan said that the Bitcoin price drop may be part of a broader market correction.

"In the short term, volatility like this can become common, especially after a sharp price increase. However, it is important to see this correction as an opportunity to reorganize investment strategies", he said in a written statement, Friday, August 2.

He added that although the current price of Bitcoin is under pressure, the price position still shows long-term bullish potential.

"Investors should look at this as an opportunity to evaluate their position," Oscar explained.

Oscar also explained that if Bitcoin can again maintain price levels above US$70,000 and penetrate higher resistance, there will be a significant price increase potential.

"Crypto markets remain dynamic and investors must be ready to adapt to rapid changes," he concluded.

Oscar Darmawan also invited investors to'short' Bitcoin as an investment opportunity. However, of course, it must be prepared with the risk in case of a decline like now. He indicated that now is a good time to add to the position in Bitcoin, given the historical long-term profit potential.

To take advantage of market volatility and optimize investment in Bitcoin and Ethereum, INDODAX offers a Rutine Investment' feature with the Dollar Cost Averaging (DCA) investment technique. This feature allows investors to buy crypto assets on a regular basis, reduce the impact of short-term price fluctuations and help build crypto portfolios in a planned manner.

Selain fitur Investasi Rutin, INDODAX juga memiliki fitur Earn. Fitur EARn mempermudahkan pengguna untuk mendapatkan keuntungan melalui staking. Pengguna bisa melakukan staking Ethereum di INDODAX dalam periode tertentu, dan mendapatkan rembalan berupa Staking Rewards.