JAKARTA - The last week of June 2024 as well as before the close of Q2 2024, the prices of Bitcoin and Ethereum have faced slump over the past few weeks.
According to Coinglass data, in Q1 2024 BTC closed up 68.68 percent. Meanwhile, before the close of Q2 2024, BTC still fell by 15.79 percent.
Monday, June 24, BTC had dropped below $ 60,000 to drop to 58,438 US dollars (Rp957 million) before finally returning to the level of US $ 60,370 (Rp989 million) on Tuesday, June 25.
Crypto's Financial Expert, Panji Yudha said that the increase in Bitcoin prices indicates a potential limited price increase to US$62,000 or around Rp1.01 billion.
"However, if it weakens again until it fails to hold above the support of 60,000 US dollars (Rp982.9 million), BTC can go down to the next support area at the level of 57,000 US dollars (Rp933.8 million)," said Panji.
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According to Panji, this market turmoil is likely triggered by several factors such as market concerns escalating after Mt. Japan's crypto exchange Gox, which was hacked more than a decade ago, announced that it would start paying Bitcoin and Bitcoin Cash to its creditors starting in July.
In addition, last week's Bitcoin spot ETF trading closed with an outflow of US$54.1 million. Institutional investors, who are wary of market volatility and regulatory uncertainty, are adjusting their position in Bitcoin-related investment products.
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