Bitcoin Price is Stable in the Middle of Global Uncertainty
• The price of Bitcoin is currently stable in the range of USD 97,000, after previously soaring due to positive sentiment from the hope of improving trade relations between the United States and China. However, the market is still waiting for the certainty of the direction of global economic policy, especially related to US import tariffs and geopolitical tensions.
Price Spike and Transaction Volume
• Some altcoins such as EOS experienced a price spike of up to 10% in the last 24 hours, driven by positive market trends and increasing interest from retail investors.
• The value of crypto asset transactions in Indonesia also continues to increase, with OJK recording transactions reaching Rp 301.75 trillion in the first half of 2024. The number of domestic investors is estimated to exceed 28 million people this year.
Adoption and Regulation are Getting Stronger
• The United States strengthens the adoption of digital assets by introducing Bitcoin Reserve and US Digital Asset Stockpile, signaling the government's serious step in integrating crypto into the national financial system.
• In Indonesia, OJK and Bappebti tightened supervision and granted operating permits to several new crypto platforms, including the appointment of PT Kliring Berjangka Indonesia as an official clearing institution.
Cyber Risk and Crime
• Cases of fraud and theft of crypto assets are still rampant. Recently, a North Korean hacker group is suspected of stealing crypto assets worth USD 1.5 billion globally. Polri also revealed an online fraud in crypto trading mode with a loss of Rp 105 billion and victims of up to 90 people.
Market Outlook
• Although volatility is still high, many analysts predict that the bullish trend can continue until the end of the year, especially if global sentiment improves and institutional adoption is more widespread. However, investors are urged to remain alert to the risk of fraud and extreme price fluctuations.
