Bitcoin Soars Above USD 70,000, Ready to End Q1 2024 Positively

Posted by – After dropping to as low as USD 60,800 on Wednesday, March 19, 2024 last week, Bitcoin (BTC) recovered and reached levels above USD 70,000 at the start of this week.

The increase in Bitcoin has reached 14.24% from the opening price of BTC at USD 62,168 on March 1, 2024. Meanwhile, if you look at it since the beginning of the year, BTC has risen by 64.96% from the opening price at USD 42,280 on January 1, 2024.

“Bitcoin has the potential to continue its positive trend until closing March 2024 positively. “If this happens, this will be the seventh consecutive closing, starting in September 2023, indicating the consistency and resilience of the Bitcoin market in facing various market dynamics,” said Ajaib Kripto Financial Expert, Panji Yudha in an official statement, quoted Saturday (30/3/ 2024).

Panji continued, BTC rose again above the USD 70,000 mark in trading Monday, March 25 2024 and on Tuesday March 26 2024 morning at 08:00 WIB. At that time, Bitcoin was at USD 69,898, up 4.99% in the last 24 hours.

“The potential for BTC to test the all-time high area of USD 73,000 could occur if it is able to stay above the support of USD 69,000. However, if there is a decline below this support level, BTC has the potential to weaken to around USD 66,000,” said Panji.

Week Recap

Real world assets (RWA)-based crypto assets experienced positive performance earlier this week thanks to BlackRock’s action in announcing Asset Tokenization by launching a Digital Liquidity fund on Thursday, March 21 2024. This news has the potential to be a positive sentiment for several RWA-based crypto assets, such as: MKR , ICP, SNX , LINK , ONDO, etc.

“The real world assets (RWA) sector in crypto aims to connect physical assets such as property, shares, bonds and commodities with blockchain technology, creating a digital representation.

Speed up the Transaction Process

According to Panji, RWA also strengthens the connection between the crypto and real worlds, speeds up transaction processes and contract settlements, and helps build a more inclusive and connected financial ecosystem.

Meanwhile from the macro side, this week Federal Reserve officials including Atlanta Fed President Raphael Bostic, Chicago Fed President Austan Goolsbee, and Federal Reserve Governor Lisa Cook will provide important insight into the market on Monday, March 25 2024, Lisa Cook emphasized the importance of being careful in cutting interest rates to tackle inflation.

Meanwhile, market players will monitor speeches by Fed Governor Christopher Waller and Fed Chair Jerome Powell later this week. Important economic data will be released this week, such as Consumer Confidence on Tuesday (26/3) and Gross Domestic Product (GDP) on Thursday, March 28 2024.

Furthermore, the PCE Index and Core PCE Index, released on Friday (29/3), will further guide investors’ expectations regarding the Fed’s future interest rate decisions.

“Regardless of market volatility, optimism regarding Bitcoin’s potential increase will continue. This optimism is driven by the potential impact of the Bitcoin halving on BTC which tends to experience positive performance after the halving, so that it can encourage positive momentum to the global crypto market,” said Panji.

US Exchange Authority Todong Budget IDR 40.9 Trillion to Supervise Crypto Market in 2025
As previously reported, the United States Securities and Exchange Commission (SEC) submitted a budget request of USD 2.594 billion, or the equivalent of IDR 40.9 trillion (exchange rate of IDR 15,780 per US dollar) for the 2025 fiscal year to supervise the crypto market.

In the Congressional Budget Justification or 2024 budget requirements document, the US Stock Exchange requested an additional USD 158 million or the equivalent of IDR 2.5 trillion from this year’s budget of USD 2.446 billion.

SEC Chairman Gary Gensler believes that technology is rapidly changing the crypto market and business models. The additional budget was proposed to address significant growth and changes in the crypto market.

“There has been a dynamic change in communication to and between investors, from Reddit forums to celebrity influencers,” Gensler said, citing the cointelegraph page, Monday (25/3/2024).

“Furthermore, we have seen the crypto market in Wild West territory, rife with non-compliance, where investors have put their hard-earned assets at risk in highly speculative asset classes,” he said.

Compliance Level

Gensler said the change meant the potential for creating various errors. So the SEC as the police who handles this case must be able to deal with criminals.

Part of the additional budget is needed to increase staff in all divisions. The SEC set a target of 5,621 positions in 2025, up from a 2024 target of 5,473 positions.

Compliance Level

Meanwhile, the SEC Examinations Division (EXAMS), which checks compliance levels, will fund 23 more positions to strengthen capabilities in addressing critical and evolving risks, including crypto assets and new financial technologies.

Meanwhile, the Office of Investor Education and Advocacy (OIEA), which deals with retail investors, requested one more position that would focus, especially on handling inquiries and complaints related to fraud involving crypto asset securities.

The SEC’s Office of General Counsel (OGC), which commands its army of attorneys, needs two more positions. The first position is to assist with the continued increase in civil and administrative litigation filed against the commission. Meanwhile, others are to support violation reporting (whistleblowing) which has increased significantly in volume.

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