Crypto Transactions Reach IDR 475.13 Trillion Until October 2024

OJK (ANTARA)

JAKARTA - The value of crypto transactions until October 2024 reached IDR 475.13 trillion, a 352.89 percent jump on an annual basis (yoy). Based on data from the Financial Services Authority (OJK), there was an increasing trend from the investor side. As of October 2024, total crypto investors in Indonesia reached 21.63 million, up from 21.27 million in September 2024.

"In the same period (October 2024), the transaction value of crypto assets was recorded to have increased 43.87 percent to Rp48.44 trillion," said OJK's Chief Executive Supervision of Financial, Digital Financial Assets and Crypto Assets Technology Hasan Fawzi in Jakarta, Saturday, December 14.

This significant surge in crypto asset transactions throughout 2024 cannot be separated from global dynamics factors, especially Donald Trump's victory as US elected president.

Hasan assessed that the results of the US Presidential Election pushed for bullish sentiment among crypto investors. Trump's victory affected the crypto market because he was seen as more supportive of digital currency development than Democratic candidate Kamala Harris.

Quoted from ANTARA, this positive sentiment contributed to the surge in crypto transactions in Indonesia, with the transaction value in October 2024 alone reaching IDR 48.44 trillion, an increase of 43.87 percent compared to the previous month which amounted to IDR 33.67 trillion.

Hasan also explained that bullish market conditions describe very active buying and selling activities, reflecting investor optimism about the future of these digital assets.

Meanwhile, specifically for Bitcoin (BTC) crypto assets, it is considered to have a great opportunity to reach a new level as the United States Consumer Price Index (CPI) data recorded an index level of 315,493 for November 2024, an increase of 2.7 percent from the previous 2.6 percent in October.

Indodax CEO Oscar Darmawan stated that CPI data according to expectations has provided fresh air for the market, including crypto assets. "If economic data continues to support and global monetary policy remains conducive, Bitcoin can set a new record high," he said. In addition, he continued, optimism for the looser interest rate policy of the Federal Reserve could be a positive catalyst for the movement of Bitcoin and other crypto assets going forward.