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Bittime - The crypto market witnessed another historic moment when Bitcoin, the leading crypto asset, crossed the 1 billion Rupiah mark or the equivalent of $64,000 on February 29, 2024 i, recording its highest price in more than two years. This phenomenon sparked various speculation and analysis about the factors that drove the dramatic increase in Bitcoin prices. The two main factors identified by analysts are anticipation of the upcoming Bitcoin halving and the second reason for this Bitcoin price increase is also driven by record Bitcoin ETF volumes, with BlackRock leading the wild crypto price action.

The Reason Bitcoin Prices Rise to 1 Billion Rupiah 

Bitcoin ETF Breaks Bitcoin Transaction Volume Record 

US-listed spot bitcoin ETFs saw an increase in net inflows, with BlackRock's IBIT attracting $520 million in fresh funds in a single day. The ETF trading frenzy occurred at the same time as Bitcoin's price spiked to $64,000 and then fell back to $60,000 in the same trading session. This indicates high volatility but also strong interest from investors.

BlackRock's bitcoin ETF saw a record trading volume of $3.3 billion in a single day, marking a doubling of its previous volume record. Overall, ten spot BTC ETFs recorded trading volume of $7.7 billion, breaking the previous record of $4.7 billion. These numbers show a "frenzy" in market activity, according to ETF analyst Eric Balchunas.

Also Read How To Buy Crypto:

Bitcoin Halving: Anticipate Bitcoin Scarcity

Halving Cycle Image, Source: Tradingview

Apart from Bitcoin ETFs, anticipation of the upcoming Bitcoin halving also plays an important role in driving the price. Halvings, which reduce Bitcoin mining block rewards in half, have historically been a catalyst for price increases. The combination of increased demand through ETFs and the impending reduction in supply through the halving creates a perfect scenario to trigger a surge in Bitcoin prices.

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Impact on Bitcoin Market & Capital Market

The increase in the price of Bitcoin to 1 billion Rupiah marks an important moment for the crypto market. Bitcoin ETFs, especially the products offered by BlackRock, have become a bridge for many institutional investors to enter the crypto market. The frenzy around Bitcoin ETFs indicates a shift in how investors view Bitcoin: not just as a speculative asset, but also as an important component of a diversified investment portfolio.

Newly listed Bitcoin ETFs have attracted more than $6.7 billion in net inflows since their debut, showing increasing confidence in Bitcoin and blockchain technology as a whole. This, along with the anticipation of the halving, proves that Bitcoin's price increase is not just based on speculation, but is also supported by strong fundamental factors.

Conclusion

The Bitcoin price increase of up to 1 billion Rupiah was the result of a combination of factors, including significant inflows into Bitcoin ETFs and anticipation of the upcoming halving. The record trading volumes recorded by bitcoin ETFs, especially those from BlackRock, demonstrate the great interest of investors in this digital asset. While market volatility remains a consideration, this price increase underscores Bitcoin's position as an increasingly legitimate and recognized investment asset in global markets.

How to Buy Bitcoin (BTC) on Bittime

You can buy and sell  Bitcoin (BTC)  in an easy and safe way via  Bittime .  Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Bitcoin (BTC)  is available on Bittime with  the market pair BTC/IDR .  To be able to buy  BTC IDR  at Bittime,  make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn  the complete guide on how to buy Bitcoin (BTC) on Bittime . 

Monitor price  chart movements  of Bitcoin (BTC) ,  Ethereum (ETH) ,  Solana (SOL)  and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also read:

The New Era of Wrapped Bitcoin (WBTC) on Tezos Begins with tzBTC 2.0

Buy Bitcoin Before or After the Halving? Here's the Guide!

BTC/USDT Price Today: Jumping 6%? Check out the review here

DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.