Another Record, Bitcoin Reaches New ATH At A Price Of 106 Thousand US Dollars!

JAKARTA - Bitcoin (BTC) again recorded a new record today, Monday, December 16, 2024. The price of BTC managed to break the psychological figure of 106,000 US dollars (Rp1,696 billion) according to CoinMarketCap data. At 07.40 WIB this morning, the price of Bitcoin touched an all-time high of 106,488 US dollars (Rp1,704 billion) before slipping to below US$105,000 (Rp1.68 billion) hours later. As of this afternoon, Bitcoin was trading at the level of 105,866 US dollars (Rp1,677 billion), up 3.11 percent compared to the previous day.

The soaring price of Bitcoin also raised its market cap by 3.12 percent to 2.07 trillion US dollars (Rp33.12 quadrillion). Currently, Bitcoin controls 56 percent of the crypto market share, up 0.29 percent in the last 24 hours. This surge shows investor enthusiasm for the largest digital asset in the world.

Causes Of Rising BTC Prices

The significant increase in Bitcoin was triggered by the statement by the elected President of the United States, Donald Trump, who announced plans to form a Bitcoin strategic reserve aka Bitcoin Reserve.

In an interview with CNBC, Trump said, "We will do something big with crypto because we don't want other countries, like China, to go further than us." When asked if this strategic reserve is similar to the national oil reserves, Trump replied, "Yes, I think that's a good idea."

This statement also boosted the price of Bitcoin by more than 50 percent since Trump won the 2024 US election on November 5. Based on CoinGecko data, the total global crypto market value has almost doubled this year and hit a record 3.8 trillion US dollars (Rp 60.8 quadrillion).

Not only did it record prices, but Bitcoin also posted the longest weekly upward trend since 2021, with seven consecutive weeks closed positive, according to a Bloomberg report. In addition to Bitcoin, Ether, the world's second-largest cryptocurrency, also saw a nearly 3 percent increase to the level of 4,014 US dollars (Rp64,224 million).

Meanwhile, the flow of funds to Bitcoin-based exchange-traded funds (ETF) in the US has reached 12.2 billion US dollars (Rp195.2 trillion) since Trump's victory. Ether-based similar products also recorded an investment of US$2.8 billion (Rp44.8 trillion).