JAKARTA - The price of Bitcoin (BTC) weakened again and fell below the psychological level of 90,000 US dollars on Wednesday, January 21, as geopolitical tensions and selling actions in risky asset markets increased. This weakening occurred amid market concerns over the escalation of the United States (US) tariff war against Europe, which was associated with Washington's pressure on Denmark to reconsider its control over Greenland, as well as turmoil in the Japanese bond market which triggered a widespread risk-off sentiment.
Based on data from CoinMarketCap, Bitcoin briefly touched the range of US$87,000 before fluctuating. The pressure is not only in the crypto market, but also extends to global stock markets. Wall Street's major indexes, including the S&P 500 and Nasdaq, closed down more than two percent, while government bond yields fluctuated and gold prices soared as a hedge asset.
Responding to this condition, Vice President of INDODAX, Antony Kusuma, assessed that this movement reflects the increasingly close relationship between cryptocurrencies and global macroeconomic and geopolitical dynamics.
"In a situation like this, Bitcoin is not standing alone. When global markets enter a risk-off phase due to geopolitical tensions, trade policies, and pressure in the bond market, risky assets tend to experience a correction simultaneously due to selling actions," said Antony.
According to Antony, short-term panic often arises when global investors seek to rebalance their investment portfolios amid uncertainty. This is seen from the increased volatility, surge in trading volume, and pressure in the crypto derivatives market.
"What needs to be noted is that this movement is driven more by external factors, not fundamental changes in the Bitcoin and crypto ecosystem. Interest rate dynamics, global liquidity, and the current direction of geopolitical policies are the main variables that affect prices," he continued.
He added that the history of the crypto market shows that sharp correction phases often go hand in hand with macro shocks, especially when Bitcoin is increasingly treated as part of global assets by institutional investors.
"Institutional participation makes Bitcoin more responsive to global issues. This is a consequence of market maturity, where cryptocurrencies are increasingly integrated with the global financial system," said Antony.
However, Antony emphasized that volatility remains the inherent character of the crypto market. Investors, according to him, need to understand the context of price movements in a comprehensive manner and not merely look at short-term fluctuations.
"Periods like this emphasize the importance of long-term perspective and risk understanding. The crypto market will continue to move in line with global trends, and investor resilience is tested precisely when uncertainty increases," concluded Antony.
Antony emphasized that high volatility often triggers fear of missing out (FOMO) behavior among investors. In this situation, he considers it important for market participants to remain disciplined in doing their own research (DYOR), understand the risks, and not make investment decisions based on short-term emotional pressure amid global uncertainty.
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