JAKARTA - The crypto market has strengthened in the last 24 hours with Bitcoin (BTC) surging 4.12% to a level of US$74,100 or around Rp1.26 billion, to its highest position in the last three weeks.
This increase was also followed by Ethereum (ETH) which moved above $2,300 or around Rp39.3 million, reflecting investors' positive sentiment ahead of the release of important US economic data.
Financial Expert Ajaib, Panji Yudha, stated that the strengthening of this crypto price was triggered by news that Iran was considering accepting Bitcoin payments for oil tankers crossing the Strait of Hormuz.
"Given that this route accounts for about 20% of the world's oil supply, the tariff policy has the potential to generate tens of millions of dollars in revenue per day," Panji said in a statement on Tuesday, April 14.
Panji said that the market focus is now on the release of the United States Producer Price Index (PPI) data which is scheduled for Tuesday, April 14 at 19.30 WIB. Headline PPI is expected to increase from 3.4% to 4.6% on an annual basis, while Core PPI is projected to be at the level of 3.7%.
If the release results are in line with or lower than expectations, Panji added, Bitcoin has the potential to continue the rally towards the $76,000 area (Rp1.3 billion). However, higher numbers risk holding back the momentum of the increase in the short term.
Positive sentiment also came from corporate actions. MicroStrategy reportedly bought Bitcoin worth 1 billion US dollars or the equivalent of 13,927 BTC, bringing its total holdings to 780,897 BTC. Meanwhile, Circle shares jumped 16% driven by optimism over the development of stablecoin regulation in the United States.
Technically, Bitcoin is expected to move in the range of US$72,500 to US$76,000 (Rp1.24 - Rp1.3 billion), while Ethereum is in the range of US$2,250 to US$2,450 (Rp38.5 - Rp41.9 million).
The English, Chinese, Japanese, Arabic, and French versions are automatically generated by the AI. So there may still be inaccuracies in translating, please always see Indonesian as our main language. (system supported by DigitalSiber.id)
