Crypto Market Strengthens Amid Expectations To Cut The Fed's Interest Rate

Illustration (photo: Pixabay)

JAKARTA - Bitcoin has again shown a strengthening in the last 24 hours. The world's largest cryptocurrency rose 1.75% to a level of around US$114,890, equivalent to Rp1.88 billion.

This strengthening occurred after previously weakening to below 112,000 US dollars or around Rp. 1.83 billion on Friday, August 1.

During July, Bitcoin recorded a monthly increase of +7.95%, with price movements in the range of 105,157 123,091 US dollars (around Rp1.72 Rp2.02 billion).

However, Ajaib Kripto saw, in the period 28 July 1 August, net outflows from Bitcoin ETF were recorded at 643 million US dollars or Rp10.5 trillion, the highest in the last four months. This reflects the existence of profit taking action from big investors.

Most Up And Down Coins

According to the analysis of the Ajaib Panji Yudha Financial Expert in the past 24 hours, several altcoins recorded the highest price spike, among others:

Meanwhile, a number of other assets experienced a sharp decline:

He said the current price rebound was driven by increased expectations that the US Central Bank (The Fed) would cut interest rates in September.

Meanwhile, in the domestic factor, the Directorate General of Taxes (DGT) officially waives VAT on crypto assets, but starting from the 2026 tax year, the Income Tax (PPh) rate for crypto transactions will be increased. This change is now the main concern of local market players.