Crypto Market Recovers, Bitcoin Price Rises After Whale Nyerok BTC

JAKARTA - In recent days, Bitcoin (BTC), the world's largest cryptocurrency, has recorded a significant price spike. The price of Bitcoin has reached US$28,000 or around Rp440 million and is currently trading at around US$27,904 (Rp438 million) with a market capitalization of US$544 billion (Rp8.5 quadrillion).

This spike in prices was triggered by the US Securities and Exchange Commission (SEC)'s decision to choose not to challenge the court's decision to allow Grayscale to turn its GBTC into a Bitcoin spot ETF. This decision signifies a greater chance for the presence of a Bitcoin spot ETF on the market.

According to Bloomberg analyst Eric Balchunas and James Seyffart, there is a high probability, around 90%, that the Bitcoin ETF will get approval in January 2024. This prediction is based on recent adjustments to the Bitcoin spot ETF prospectus proposed by Ark Invest and 21Shares. They consider this change a positive sign in SEC interactions with the market, which often indicate regulatory approval.

On-chain data also shows that Bitcoin holders, or often referred to as "markers," have accumulated more Bitcoins over the weekend. A significant shift can be seen in the inactivated Bitcoin transfer between wallets, signaling potential price changes.

In addition, several other cryptocurrencies also show positive movement. Ethereum (ETH) rose about half a percent and was above the level of USD 1.550 (IDR 24 million). Altcoins such as Tron and Binance Coin (BNB) also recorded an increase. The overall cryptocurrency market capitalization increased significantly, reaching USD 1.06 trillion (IDR 16.6 quadrillion), with total trading volume increasing by 38% to USD 19.4 billion (IDR 304 trillion).

With these developments, the crypto market is showing signs of improvement and growing attention to the Bitcoin ETF, which can bring major changes to market dynamics. However, as usual, it is important to remember that the crypto market remains fluctuating and risks remain.