Bitcoin Reaches IDR 1.117 Billion, Investors Are Increasingly Optimistic

Illustration. (Photo: Unsplash)

JAKARTA - In the last 24 hours, the crypto market has experienced a strengthening with Bitcoin (BTC) which has again shown a bullish trend.

Based on CoinGecko data, Bitcoin rose 5 percent in 24 hours and 5.26 percent in a week, and briefly touched a price of 71,000 US dollars or around IDR 1.117 billion (exchange rate of IDR 15,752 per US dollar). This increase reflects the positive sentiment of investors towards cryptocurrencies with the largest market capitalization.

Global crypto market capitalization rose 2.8 percent in 24 hours, reaching 2.4 trillion US dollars. The push that affected this upward trend covered a number of global macroeconomic factors, such as cut interest rates by major central banks, massive fiscal stimulus from China, and growing interest in investment in US-based Bitcoin ETFs.

In addition, the influence of political dynamics in the United States, especially interest in crypto-supporting candidates, such as Donald Trump and Kamala Harris, has also sparked positive sentiment among investors.

INDODAX CEO, Oscar Darmawan, highlighted that the increase in Bitcoin prices this time shows that investor confidence in digital assets is increasing.

"The bullish trend that Bitcoin is experiencing is the result of a combination of various external factors. On the one hand, we see a cut in interest rates that provides space for investors to look for alternative investments that are more attractive. Meanwhile, on the other hand, fiscal stimulus from China also strengthens the market by expanding the liquidity available," Oscar explained, quoted Friday, November 1.

Oscar also explained that interest in US-based Bitcoin ETF is an important development that strengthens the position of crypto in the eyes of institutional investors.

"The BitcoinetF, which is increasingly in demand in the United States, reflects a new perception that cryptocurrencies, particularly Bitcoin, are increasingly considered as instruments that have the potential to add value to investment portfolios, especially amid market volatility and inflation," he added.

Regarding the political dynamics in the United States, Oscar warned that the results of the presidential election could have a major impact on the future of crypto regulation.

"Crypto markets are currently heavily affected by the prospect of more crypto-friendly regulatory regulations, especially if pro-crypto candidates win US elections. This could pave the way for a regulatory environment that supports crypto growth, attracting more participation from institutional and retail investors," he said.

Not only Bitcoin, other crypto assets such as Ethereum (ETH) and Solana (SOL) have also increased, ETH has increased by 5.4 percent and SOL has increased by 4.4 percent in the last 24 hours. Oscar views this as a sign that interest in crypto as an investment instrument is not limited to one asset, but has grown to various assets with a strong ecosystem.

"The increase experienced by several other key assets shows high confidence in the overall crypto market prospects, especially with the growing fundamentals and institutional support," he explained.

Going forward, INDODAX is committed to continuing to provide users with accurate and in-depth market information so that they can understand the dynamics that affect crypto.

"We believe that proper information and good education is very important to support investors in leveraging this positive momentum and making more precise investment decisions amid dynamic market developments," Oscar concluded.