JAKARTA The price of Bitcoin again recorded a significant increase on March 14, 2023. According to Coingecko data, at 20:05 WIB the value of Bitcoin had reached 26,400 US dollars or around Rp. 391 million. This figure is the highest level in the last seven months, since August 2022.
However, not long after, the price of Bitcoin has decreased again and is now around US$24,500 or around Rp. 362 million. The price was last recorded at several points in February and March 13. Even so, there are several factors that are suspected of affecting the price fluctuations.
However, the BTC value fell and is now worth about $2,500 after the increase on March 14, the final value seen at several points in February and March 13. It is not clear what caused the value of Bitcoin to suddenly drop.
However, the fall of Silicon Valley Bank and the closure of Signature Bank then dominated the news. Despite the closure a few days ago, continued uncertainty may still affect investor sentiment and affect market prices.
On the other hand, the government's recovery plan around these banks may be one of the factors encouraging investors to buy back into the cryptocurrency market. Although today's price increases are short, this positive news was announced just before the rally.
Bitcoin and Ethereum have fallen 1.6 percent and 1.3 percent over the past hour, respectively. Bitcoin rose 8.9 percent over the past week, while Ethereum rose 7.6 percent. Both rose 1.5 percent over the past hour. The overall crypto market rose 0.7 percent over the past 24 hours and had a market capitalization of 1.12 trillion US dollars or equivalent to IDR 17.2 quadrillion.
Bitcoin prices and cryptocurrency markets continue to change, especially in the midst of changes that occur in global financial markets. Despite the brief price increase, it remains unclear what caused the falling Bitcoin price on that day.
However, market observers agree that the value of Bitcoin and other cryptocurrencies will continue to change and be strongly influenced by various factors, both related to financial markets and other unexpected factors.
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