Bitcoin Price Soars, Tokocrypto Transaction Volume Triples

JAKARTA - The increase in the price of Bitcoin, which was perched at the level of US$103,000 (Rp1.63 billion), seems to have had a positive impact on increasing the value of crypto transactions in Indonesia, which also recorded a significant increase.

Tokocrypto's Chief Marketing Officer (CMO), Wan Iqbal, stated that the Bitcoin (BTC) price spike in recent times has become the main catalyst for increased activity in the crypto market, including in Indonesia.

He explained that the volume of transactions at Tokocrypto from October to November 2024 almost tripled, reaching a value close to US$2 million (Rp31 billion).

"This bullish momentum not only encourages an increase in transaction volume, but also attracts more new investors to the crypto industry," Iqbal said in a statement quoted Monday, December 9.

According to him, the increase in the price of Bitcoin which reached 131% (YTD) since the beginning of the year has become the main trigger for increasing investor interest in crypto assets.

Bitcoin price spikes are often an entry point for investors to explore other digital assets. This not only increases trading volume, but also strengthens the overall growth of the crypto ecosystem," he added.

The surge in prices was driven by several key factors such as reducing Bitcoin supply through the halving process, enormous inflows of institutional funds, Donald Trump's victory, and the appointment of pro-crypto figures such as Paul Atkins as chairman of the US Securities and Exchange Commission.

This phenomenon is expected to be reflected in the Indonesian market, where retail investors are driven by the phenomenon of FOMO (Fear of Missing Out). With optimistic market sentiment, it is believed that more new investors will be involved, both for long-term investment and daily trading," he concluded.

However, in the midst of this positive trend, Iqbal emphasized the importance of focusing on education for investors and society as a whole so as not to get caught up in market euphoria without understanding the risks inherent in crypto investment.