JAKARTA - The crypto market started a strong start in 2023, after ending the first quarter with a total market capitalization of 1.2 trillion US dollars. On the other hand, Bitcoin (BTC) has also produced digital assets that outperform other investment products, during earlier this year.
In particular, Bitcoin has emerged as the best performing asset class in the first quarter of 2023, with a profit of around 70 percent. With this Bitcoin price stability, it becomes a golden opportunity for investors who can recognize and search for crypto projects with great potential.
Chairman of the Indonesian Crypto Asset Traders Association (ASPAKRINDO) Teguh Kurniawan Harmanda also saw a positive performance from Bitcoin for four consecutive months.
"The Bitcoin rally is heavily influenced by the crisis of the banking crisis that occurred in the United States and Europe," said the man who is familiarly called Manda on Wednesday, May 3, when contacted by VOI.
Furthermore, this banking crisis then creates high public distrust of banks, and becomes the advantage of crypto assets as their asset storage area. Thus, it will increase the accumulation and purchase of cryptocurrencies.
In the short term, Manda predicts that Bitcoin will have momentum to continue to rally. The current banking crisis will also be a momentum for Bitcoin in the second quarter of 2023.
However, Manda also revealed that it is possible that Bitcoin will still see a fairly high change in special prices around mid-2023.
"Why? The consideration is that the global macroeconomic situation is likely to improve, the inflation rate can be more stable, and the Fed's interest rate increase is not aggressive," he explained.
The Fed's policy, which is predicted to raise interest rates by 25 bps in May, could have a real impact on crypto prices in the future.
"Next June will most likely stop the increase, meaning it will have a positive effect on Bitcoin," he concluded.
The English, Chinese, Japanese, Arabic, and French versions are automatically generated by the AI. So there may still be inaccuracies in translating, please always see Indonesian as our main language. (system supported by DigitalSiber.id)
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