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Rampant Bitcoin Price Reaches Record Ep 966 Million in Asian market


Image Rampant Bitcoin Price Reaches Record Ep 966 Million in Asian market

The price of the cryptocurrency bitcoin touched a record high in Asian trading Monday (8/11) and then reached Rp966 million. photo/illustration

Jakarta - Two cryptocurrencies, bitcoin & ether, hit record highs in Asian trading on Monday (8/11) evening driven by market enthusiasm for adopting cryptocurrencies and concerns about inflation.

the price of bitcoin rose to usd68,564 or the equivalent of rp966 million (exchange rate of rp14,100 per usd). while ether, the 2nd largest cryptocurrency by market value, is priced at usd4,825 or equivalent to rp67.5 million. both are recorded to have gone higher by more than doubling since June.

Read also: bitcoin breaks rp888 million, nears all-time high price

"We feel that the market has shifted," said Stack Funds chief operating officer of crypto assets, Matthew Dibb.

"People now know that having no exposure, even at a miniscule amount, is probably not a good thing moving forward, so they have to allocate in this price," he concluded.

based on data based on digital asset manager Coinshares, inflows into bitcoin products & funds have reached a record USD6.4 billion so far this year, and reached USD95 million last week.

On the other hand, there are other positive catalysts that have helped, including plans by Grayscale, the world's largest digital currency manager, to convert its flagship bitcoin religion (gbtc.pk) into a spot-bitcoin-traded fund. Last week Grayscale also submitted a list of "future finance" funds that will track companies involved in the growth of the digital economy.

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"Crypto is where the fast money is," said Chris Weston, head of research at the pepperstone brokerage. "(ether) is trending like a dream and I'll be long & strong on this," he added. "net long clients, with 79% of open positions held for a long time, and I can feel the usd5,000 party could be starting soon."

on the other hand, he advises investors to remain cautious when investing in bitcoin in the short term, as the cost of funding long positions has risen higher in recent days, than the bitmex trading platform. it is sometimes a precursor to a setback.

however, the convoy has so far brought the cryptocurrency more than 1.680% higher than its March 2020 lows & helped lift the total cryptocurrency market cap to over USD3 trillion, from crypto price & data aggregator coiningecko. coinmarketcap ad interim puts it slightly lower at usd2.94 trillion.