Bitcoin Breaks Record! Price Reaches IDR 2 Billion, Crypto Market Excited

Vice President OF INDODAX, Antony Kusuma. (Photo: Special)

JAKARTA - Bitcoin has made history again by breaking the all-time high price (All-Time High) at US$126,000 or slightly below Rp2.1 billion per coin. This achievement marks an important milestone for the digital asset market and reaffirms Bitcoin's position as a hedge asset amid global economic uncertainty.

The soaring price extends the positive trend of Bitcoin, which in the past year has almost doubled. Based on market data, the price of Bitcoin had hit a peak at US$126,080 before it stabilized in the US$124,700 range, indicating strong resilience even though market volatility increased.

On the other hand, Ethereum also strengthened to the US$4,600 level, while XRP also recorded an increase in US$2.9. This movement shows market confidence in major crypto assets has continued to increase after the consolidation period over the past few months.

The increase in Bitcoin this time was driven by an increase in the inflow of institutional funds and a weakening of the US dollar, which prompted investors to look for alternative value-protecting assets. Bitcoin's ETF published by a number of global investment managers such as BlackRock and Fidelity also recorded billions of dollars in entry in the past week, narrowing supply in the spot market.

The decline in Bitcoin reserves on global exchanges to its lowest point in six years has also strengthened price increases. This condition indicates that many investors choose to store Bitcoin in private wallets for the long term, showing confidence that prices still have the potential to rise.

INDODAX Vice President, Antony Kusuma, assessed that the record price of Bitcoin this time not only reflects market euphoria, but is also a strong signal that digital assets are increasingly recognized in the global financial system.

The achievement of US$126,000 is clear evidence that Bitcoin has entered a new phase of maturity. Currently, Bitcoin is no longer just a speculative instrument, but part of an asset diversification strategy recognized by large financial institutions around the world," said Antony, in his statement, Wednesday, October 8.

According to him, this price rally was also driven by increased institutional participation, not just retail investors.

"When large amounts of funds go into Bitcoin-based products, such as ETF and corporate treasury, although the portion of institutional ownership is still relatively small compared to the total supply, the flow of incoming funds indicates increasing confidence in global digital asset infrastructure," he added.

Antony also explained that the current market characteristics are different from the previous cycles.

In 2021, Bitcoin euphoria is driven more by emotional factors and retail participation. But now, the decline in exchange reserves, to stable institutional demand," he said.

He emphasized that these factors created a much healthier foundation for long-term growth.

We no longer see a hype-based increase. This time, the increase in Bitcoin was built on the basis of trust and real implementation in various sectors, including cross-border payments, treasury assets, to hedge instruments against inflation," he explained.

In terms of the domestic market, Antony noted a significant increase in trading activity on INDODAX in line with this new record price.

The transaction volume on our platform has soared in recent days, in the last 7 days, the volume of INDODAX transactions has increased by almost 50%, compared to the previous period. Even in the past day, coinciding with Bitcoin ATH at US$126,000, INDODAX trading volume reached Rp1 T.

"This shows that the Indonesian people are increasingly confident in crypto investment and are starting to see it as part of a long-term financial strategy," he said.

Antony assessed that this momentum is also an opportunity for Indonesia to strengthen its role in the global crypto ecosystem.

"With increasingly mature regulations and government support through the Financial Services Authority (OJK), the Indonesian crypto asset industry has the potential to be one of the most progressive in Southeast Asia," he said.

Furthermore, he highlighted that this phenomenon reinforces the role of Bitcoin as a modern 'digital gold'.

Bitcoin supply restrictions of only 21 million units make it a fundamentally rare asset. As demand continues to grow, especially from large institutions, Bitcoin's fair prices will tend to continue to rise," he said.

Regarding the potential for future price movements, Antony said that as long as Bitcoin is able to survive above the psychological level of US$120,000, the bullish trend is still very strong.

"Technically and fundamentally, current market conditions support further increases. However, crypto investors need to remain disciplined and not be trapped in short-term euphoria," he added.

He also reminded that consistent and measurable investment strategies remain the key.

"We always encourage INDODAX members to implement a gradual purchase strategy or Dollar-Cost Averaging (DCA). This strategy has proven to be effective in dealing with volatility and helping build a strong portfolio in the long term," he said.

Apart from Bitcoin, Antony sees a positive impact on other large crypto assets such as Ethereum and XRP.

When Bitcoin hits a new record, the capital usually also rotates into the main altcoins. This shows that the entire crypto ecosystem is moving into the next growth phase," he said.