Ahead Of The Fed's Interest Rate Decision, Bitcoin Price Rises To IDR 682 Million

Bitcoin price predictions next week (photo: Unsplash)

JAKARTA - Bitcoin experienced fluctuating movements throughout January, particularly after the approval of the Bitcoin Spot ETF by the United States Securities and Exchange Commission (SEC).

But on Tuesday, January 30, BTC showed signs of recovery by moving to the level of 43,200 US dollars (Rp682 million), up 2.13 percent in 24 hours and strengthening 8.50 percent in the past seven days.

In addition, the total market capitalization of crypto assets is at the level of 1.612 trillion US dollars, up 2.34 percent in the last 24 hours. Meanwhile, at the same time, Ethereum (ETH) has also increased by 4.53 percent moving at 2,305 US dollars (IDR 36 million) over the past 24 hours.

Even last week, Bitcoin fell 20 percent, reaching 38,600 US dollars (Rp609 million) on Tuesday, January 23. This decline follows a surge to the level of 48,983 US dollars (Rp773 million) when the first Bitcoin ETF was trading in the US on January 11, 2024.

Meanwhile, this week, Ajaib Kripto predicts that the crypto market tends to be optimistic that the Fed will maintain its interest rates in FOMC January 30-31, so it is predicted that it will not have a significant impact on the crypto market.

"But the thing that will be of concern is the hint of when the Fed plans to cut its interest rates," Ajaib wrote in its official broadcast.

However, investors and traders need to remain careful and keep up with market developments so it is important to do independent research and invest in their respective risk profiles.