Heaptalk, Jakarta — The number of crypto investors shows a positive trend in early 2024. Based on Indonesia’s CoFTRA report, the total number of crypto investors touched 18.83 million people as of January 2024. This output elevated around 1.73%, compared to December’s record of 18.51 million investors last year.
According to the CEO of Tokocrypto, Yudhono Rawis, “The growth of crypto investors in Indonesia shows that people’s interest in investing in digital assets is increasing, along with awareness of their investment potential. Our platform also continues to see a significant increase in users, which aligns with the rise in Bitcoin prices.
Further, Yudho elaborated that education and literacy steps that the government continues to take have been proven to help encourage the growth of crypto investors. The development of blockchain technology and increasingly clear regulations have also contributed to the increase in the number of crypto investors in Indonesia.
“Appropriate and firm regulations will also help this industry continue to develop and benefit society. As an industry player, we expect the government will continue collaborating with diverse parties to create a healthy and sustainable crypto ecosystem,” affirmed Yudho.
Although Indonesian crypto investors continue to increase, Yudho explained that Indonesian crypto transactions have decreased by 20.8% (mom), from US$1.7 billion (around Rp27.75 trillion) as of December 2023 to US$ 1.3 billion equals to Rp21.57 trillion in January 2024.
However, compared to the previous year, the value of domestic crypto transactions remains swelling significantly, touching 77.7% in January 2024, with a transaction value of only US$773 million, equal to Rp12.14 trillion at the beginning of 2023.
Responding to the transaction diminishment, Yudho forecasted that the decline in the value of crypto transactions earlier this year was likely caused by several factors, spanning the price correction of Bitcoin and other crypto assets and the uncertain macroeconomic situation.
Crypto BTC price analysis
Bitcoin (BTC) is claimed to have reached US$63,000 (around Rp. 989 million) on Wednesday (2/28), attaining the highest level since November 2021. Nevertheless, Bitcoin’s significant upward price triggered nearly US$700 million worth of crypto liquidity over the past 24 hours. As a result, BTC fell 7% again from its highest level of U$63,734 to around US$61,300.
The Tokocrypto’s Trader, Fyqieh Fachrur, observed the BTC price dwindle from the latest all-time high (ATH) caused by investors’ efforts to seize a profit. He considered that BTC has enrolled overbought territory from a technical perspective, indicating a possibility of price correction.
Regarding the technical analysis, he perceived a correction would still occur as the general price appreciation reached absorption. Nevertheless, he predicted that Bitcoin would remain bullish.
However, he still needs an update on the price growth estimation of up to $64,000 (around Rp1 billion), perceiving the Bitcoin price rejection from the $63,860 level. Crypto’s bitcoin may need to undergo a correction, as the RSI (Relative Strength Index) is in overbought conditions and shows the potential for a correction.
