Heaptalk, Jakarta — Indonesia’s Commodity Futures Trading Regulatory Agency (CoFTRA) noted that the value of crypto transactions in the archipelago had jumped significantly, reaching USD6.4 billion, equal to Rp103.58 trillion, in March 2024. This output increased by 207.5% compared to the previous value of US$2.1 billion, or around Rp33.69, in February 2024.
Along with the soaring transaction value, the number of crypto investors in the country also experienced a significant bump until March 2024. CoFTRA reported that the number of crypto investors increased by around 570,000 people, or 2.97%, in March 2024. As a result, the number of crypto investors reached 19.75 million people, compared to only 19.18 million investors in the previous month.
The CEO of Tokocrypto, Yudhono Rawis, commented, “One of the reasons for the robust performance of the crypto market is the increase in Bitcoin prices and increasing public interest in crypto assets. BTC surged to a record high of nearly US$74,000. In addition, institutional interest in Bitcoin ETD in the US remains strong, thereby encouraging public interest to invest in this asset.”
Furthermore, Yudho noted that the surge in crypto asset prices last month reflected high market optimism regarding the Fed’s plan to lower interest rates three times this year despite higher inflation. The risk of higher inflation could drive demand for alternative stores of value, such as physical gold and bitcoin.
From the crypto sector’s perspective, the best-performing market segment during the March period was meme coins, which achieved high profits. Although meme coin-related tokens are primarily traded for entertainment and do not yet have a clear use case, Yudho claimed these assets possessed high-risk investments.
“During March, meme coin assets served as the main catalyst for the growth of the crypto market. The assets have achieved impressive gains within the top 100 tokens by market capitalization, with respective growth projections such as FLOKI (298.71%) and WIF (250.76%). This trend attracts investors driven by community enthusiasm and speculative fervor,” Yudho affirmed.
To maintain the crypto industry’s growth, crypto practitioners and CoFTRA continue to expand education and literacy to the public to increase understanding of crypto and minimize investment risks. As is known, the crypto association, in collaboration with government entities, held the Crypto Literacy Month (BLK) program on May 1st— 3rd, 2024.
Presenting a series of seminars, workshops, and social media campaigns, BLK 2024 aims to provide a comprehensive understanding of the potential and risks of crypto investment and educate the public about the basic principles necessary to manage digital assets wisely.
