Bitcoin Breaks New Record At A Price Of IDR 1.76 Billion Per Coin

Bitcoin broke a new record at a price of IDR 1.76 billion per coin (Photo; Doc. Looking Alpha)

JAKARTA - Crypto assets created by Satoshi Nakamoto, Bitcoin (BTC), continue to record impressive price spikes. In fact, it managed to reach a new all-time high (ATH) of 109,114 US dollars (around Rp1,768,857,000), on Monday 20 January 2025.

At the time of writing, Bitcoin is trading at a price of 108,062 US dollars (approximately IDR 1,749,614,000), an increase of 2.74% in the last 24 hours, according to data from CoinMarketCap.

The skyrocketing price of BTC is also influenced by a number of external factors, including the potential crypto-friendly regulation as promised by US President-elect Donald Trump. Trump, who is scheduled to return to the White House on January 20, 2025 for a second term, has pledged to introduce a new regulatory framework for blockchain and crypto assets.

However, Trump's policy was not without controversy. Ahead of the inauguration, Trump's team launched meme coins such as OFFICIAL TRUMP (TRUMP) and Melania Meme (MELANIA). Both coins were in the spotlight because they were considered a pump-and-dump scheme by a number of market participants, although the price skyrocketed, with TRUMP soaring 30.88% and MELANIA rising 60.42% on January 20.

In addition, the decentralized financial sector (DeFi) supported by Bitcoin is also experiencing rapid development. In 2024, this sector recorded a 2,000% jump and now has a Total Value Locked (TVL) of US$6.5 billion (around Rp105.3 trillion), with the Bitcoin Staking protocol Babylon accounting for 80% of the total TVL.

The increase in the price of Bitcoin has also made altcoins recover. The fresh return of Bitcoin cs not only provides benefits to traders and investors but there are also those who are liquidated with short positions in futures trading.

According to a CoinSpeller report, on Monday, January 20, more than USD 1.24 billion (approximately IDR 20 trillion) of digital assets were liquidated, including USD 330.22 million (approximately IDR 5.3 trillion) in short positions.