Fantastic! Bitcoin Price Rises Again, Almost Breaks Rp 1 Billion

Jakarta, CNBC Indonesia – Prices of a number of major cryptocurrencies are still volatile in trading Sunday morning to evening but the price level is still quite high.

The world’s most popular cryptocurrency, bitcoin for example, is trading at a high level of US$ 64,039/coin or equivalent to Rp. 912.11 million/coin, assuming Bank Indonesia (BI) middle rate on November 12, 2021, US$1 is equivalent to Rp. 14,243.

On Sunday night at 23.00 WIB, Ethereum was also moving at the level of US$ 4,568/coin and XRP at the level of US$ 1.18/cryptocoin.

Photo: Bitcoin Price November 14 at 23:16 WIB, CoinMarketCap Graphics
Bitcoin Price November 14 at 23:16 WIB, CoinMarketCap Graphics-

Earlier on Sunday morning (11/14), the prices of three major crypto assets did move higher and on a weekly basis, prices shot up.

On Sunday at 08:54 WIB, the prices of the three major crypto ‘currencies’. i.e. bitcoin is up 0.67% and a week +2.36% at US$ 64,792, ethereum is up 0.37% at US$ 4,658 and XRP is up 0.11% at US$ 1.19.

After breaking through an all-time high above $69,000 last week, bitcoin’s price has started to retreat steadily. However, there was no extraordinary fluctuation, still in the range of US$ 63,800.

“Technically, bitcoin is currently undergoing an upward kijun phase. It is likely that the price will go towards the support level in the range of US $ 60,100-59,500,” said Paul Spirgel, Reuters Market Analyst, in his research, quoted Monday (15/11/).

Meanwhile, the resistance level (upper limit) is estimated to be in the range of US$ 65,600-69,000. After the price dropped to US$ 56,400, there was room for an increase to US$ 70,150 and continued to US$ 73,400.

Citing the current BI middle rate at the level of Rp. 14,243/US$, so if the price of bitcoin could touch US$ 73,400, it would be equal to Rp. 1.04 billion.

But investors in bitcoin (and other crypto assets) need to be wary. Because, negative sentiment will continue to perch almost every day.

Now crypto lovers need to pay close attention to the situation in India. Prime Minister Narendra Modi held a meeting to discuss regulating crypto assets which could lead to a ban.

“It is very strongly felt that efforts to trap the younger generation for the lure of excessive and non-transparent profits must be stopped immediately. It is also discussed that the crypto asset market which lacks regulation is at risk of being used as an arena for money laundering and terrorism financing,” said a source in the inner circle. Indian government, as reported by Reuters.

In March, the Modi government considered banning crypto assets. For anyone who owns or trades bitcoin et al, get ready to be punished.

Whereas India is a cryptocurrency market that cannot be said to be small. Chainalysis research estimates that the crypto asset market in India as of May 2021 is US$ 6.6 billion, a much higher increase than the same period the previous year of US$ 923 million.

[Gambas:Video CNBC]

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