Bitcoin Price Tembus 360 Million, Rising More Than 37 Percent From December Last Year

Bitcoin penetrated 360 million (Unsplash photo)

JAKARTA - Based on Indodax market data, the price of Bitcoin as of Friday, February 17 has penetrated 360 million/1BTC, which means it has increased by more than 37% compared to last December.

The increase in BTC was also followed by a number of other cryptocurrencies such as Ethereum which reached 25 million rupiah, Cardano up more than 40%, Ripple up 5%, SOL up more than 70% and DOT also up more than 33%.

Indodax CEO Oscar Darmawan said that the price increase in cryptocurrencies was caused by large market demand for crypto and was able to move the market so that it could increase prices. However, if examined more deeply, of course there are supporting factors that make investors decide to buy crypto.

"The decline in the pace of US inflation in early 2023 has caused investors to breathe a sigh of relief. With the decline in inflation rates, it makes people more flexible to collect digital investment portfolios. With the decline in inflation rates that exist, it can also indicate easing monetary policy in the US," Oscar explained in a statement received in Jakarta.

According to him, the increasing number of investors has made crypto more global. Investors who invest in stocks and property have started to look at Bitcoin and crypto so that cryptocurrencies are increasingly being influenced by macroeconomic events in almost every country in the world.

"If global macroeconomic conditions are healthy, people tend to have more assets and are diligent in collecting digital asset portfolios. So it's no wonder that demand for crypto assets is in line with rising prices," Oscar added.

Furthermore, Oscar said that the level of inflation also affects crypto. Healthy inflation rates will encourage companies to encourage production, jobs are much more secure.

"Bitcoin, which economists say is often referred to as a store of inflation value, performs better when the consumer price index (CPI) soars," he concluded.