Bitcoin Price Drops To Level IDR 923 Million Post-Having, What's Up?

Bitcoin illustration (photo: Unsplash)

JAKARTA - Bitcoin's market volatility continues after setting record highs and Bitcoin Halfing events with a 17 percent drop in the past month, and 10 percent in the past week.

On Thursday, May 2, the price of Bitcoin was perched at around the level of 57,000 US dollars or Rp923 million. Meanwhile, Altcoins such as Solana (SOL), Dogecoin (DOGE), and Shiba Inu (SHIB), also experienced a double-digit drop on a daily scale.

According to Tokocrypto Trader, Fyqieh Fachrur, the current drop in Bitcoin prices is due to the large number of investors entering risk-off mode ahead of the Fed's interest rate decision.

"While in line with market expectations, the Fed's decision should push buyer demand for BTC and a wider crypto market. The Fed will maintain stable interest rates in May and June, with a possible first drop by the end of this year," Fyqieh said.

The falling price of Bitcoin then sparked the opinion that BTC price activity could decline as the ETF outflow continued. According to Fyqieh, the Bitcoin market is likely to experience a break from higher prices for some time after halfing.

However, although the crypto market has experienced significant corrections in recent weeks, some investors remain steadfast, seeing the current conditions as an opportunity to enter the crypto ecosystem at a more affordable price.

The overall sentiment in the crypto market has turned neutral for the first time in three months, having been within the "Greed" region. This could be an indication that the market is starting to stabilize as market players' greed levels have declined," he concluded.