Bitcoin Prices Soar Again After Tipis Corrections

Bitcoin, the world's largest crypto asset by market cap. (Photo; Doc. Pexels)

JAKARTA - Recently, the price of Bitcoin jumped again from 4.5% to above $70,000 (equivalent to Rp1.1 billion) on Monday, March 25. Bitcoin began to restore its position after previously hitting a record high of $74.000 (Rp1.16 billion) earlier this month.

As of Thursday last week, Bitcoin was trading under $65,000 (Rp1.02 billion) following a period of small fund flow into Bitcoin ETF products, along with a massive outflow of funds from the Grayscale Bitcoin Trust (GBTC).

However, asset prices jumped again on Friday after the Bitcoin Investor's Day conference, where Robert Mitchnick 'leading digital asset BlackRock' called Bitcoin a good portfolio diversification.

Mitchnick explained that the asset price movement has historically correlated with real interest rates and inflation expectations. "This is the reason why Bitcoin is generally not right in large concentrations in portfolios," he said at the time. Mitchnick also stated that Bitcoin is unique because of the extraordinary demand from BlackRock clients, compared to other digital assets.

"We hope that in the end there will be convergence where the best of the old system and new technology will be one in the new financial infrastructure system," he added. On Friday, Bitcoin ETF BlackRock, IBIT, held more than 240,000 BTC, more than any Bitcoin ETF other than GBTC.

Bitcoin's spike on Monday coincided with crypto liquidation of more than $200 million or Rp3.1 trillion that day'mostly affected traders who were short selling.