Bitcoin Price Soared Again, Highest In 3 Weeks

JAKARTA – Bitcoin prices rose again on Tuesday, March 22. This is the highest level in nearly three weeks. This price increase also marks the return of prices since the Russian invasion of Ukraine, at the end of February.

This increase in Bitcoin price also attracted the price of smaller digital coins such as ether, which also saw a significant increase.

Bitcoin, as reported by Reuters, rose as much as 5.6% to $43.337 (IDR 621 million), and the highest since March 3, when it last rose 3.6%. Ether, the second-largest digital coin, rose as much as 5.4% to its highest since February 17.

The native cryptocurrency has added more than 26% since its lowest level in several days of 34,324 US dollars (IDR 492 million) on February 24 when Russia invaded Ukraine. This recovery also reflects an increase for stock prices on the market, albeit to a stronger degree.

Analysts said there was no specific news catalyst that led to the bitcoin price hike. But usually the price of bitcoin follows the "tentative appetite" for risk assets which also supports the rise in European stock index prices on Tuesday.

Digital asset manager CoinShares said on Monday that crypto investment products and funds showed net outflows for the second week in a row.

However, up to now, there is no visible upward trend. Bitcoin volatility, in the next few weeks, is still quite high. However, to reach the price of 100 thousand US dollars, it seems that it is still a long way off considering the condition of the world economy is still a question mark due to the Russian invasion of Ukraine. Not to mention about the ban on Bitcoin transactions in Russia which was called for by the West.