Entering The Fourth Quarter Of 2024, Upbit Indonesia Highlights Crypto Investment Trends

Resna Raniadi, Chief Operating Officer (COO) Upbit Indonesia. (Photo: Doc. Upbit Indonesia)

JAKARTA - The cryptocurrency market experienced a fairly volatile journey throughout the third quarter of 2024. Bitcoin (BTC), although it had reached an annual high of over $65,000, faced significant pressure at the end of the quarter due to increased geopolitical tensions and uncertainty regarding the Fed's interest rate policy.

Tensions in the Middle East and statements from Fed Chairman Jerome Powell about the potential for a more moderate cut in interest rates, reduced investor interest in risky assets such as crypto. However, BTC was still able to close the third quarter with a nearly 1 percent positive rise, signaling a strong fundamental even though macroeconomic challenges still haunt it.

Entering the fourth quarter of 2024, optimism has strengthened again in line with the prospect of cutting interest rates in the United States and increasing global market liquidity. Upbit Indonesia sees this trend as a great opportunity for the crypto market, especially with the increasing involvement of institutions in investing in crypto assets through products such as crypto ETFs. As adoption continues to increase, the market is expected to get additional boosts that can bring the price of Bitcoin back to its new highest level.

Reflecting on market performance in the fourth quarter of 2023, Bitcoin experienced significant fluctuations, ending around 60,000 US dollars after reaching a peak of more than $65,000. Uncertainties stemming from monetary policy changes and geopolitical tensions affect the attractiveness of crypto assets as investments. However, despite these challenges, the positive growth trend remains visible with increased trust from institutional investors.

"We see the fourth quarter of 2024 as a very promising period for the crypto industry. In addition to the significant potential increase in Bitcoin prices, the adoption of crypto ETF by large institutions is expected to provide additional liquidity needed to boost bullish momentum," said Resna Raniadi, Chief Operating Officer (COO) of Upbit Indonesia, in a statement, Tuesday, October 22.

The main trends anticipated in the fourth quarter include increased institutional investment in crypto assets, wider adoption of crypto ETFs, and increasingly supporting regulatory developments of this ecosystem. These factors are expected to provide sustainable stability and growth for the crypto market.

"We believe that the fourth quarter will be an important moment in the development of the global crypto industry. A positive trend may be seen in the added value of transactions and customers. Therefore, Upbit Indonesia continues to be committed to providing a safe and transparent platform for our investors," added Resna.

Looking forward, several key trends are expected to be in the spotlight in the fourth quarter of 2024. First, the growth of institutional investment in crypto assets, including ETF, is expected to further support liquidity and market attraction. Second, wider adoption of crypto ETF products is expected to strengthen the presence of digital assets in traditional investment portfolios. Third, the development of more supportive regulations in various countries can create a more stable and transparent environment for investors.