Jakarta, CNBC Indonesia – The crypto market is predicted to grow positively in the fourth quarter of 2023. This is supported by the era of high interest rates throughout 2023 which makes funds expensive, investors tend to risk off or reduce investors with high risk.
Meanwhile, the increase in interest rates also failed to stop the progress of the cryptocurrency with the largest market capitalization. Moreover, the negative issue of legal problems that has ensnared Binance has not stopped the movement of the crypto market.
The majority of digital currencies are in the green zone year-to-date (ytd). Reporting from CoinMarketCap, Bitcoin recorded a price increase of 83.75% ytd until June 2023 to US$ 30,390.91 per coin, followed by Ethereum which rose 60.89% to US$ 1,927.01.
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Therefore, digital asset trading exchange Upbit Indonesia predicts that crypto market conditions will grow positively in the bitcoin halving cycle which is once again attracting attention and signaling significant changes in BTC price behavior entering the last quarter of 2023.
“Even though the market is still fluctuating and not yet stable, in general we are confident that volume will continue to increase,” said Resna Raniadi, VP of Operations Upbit Indonesia in a written statement, Monday (23/10/2023).
According to him, the interaction between historical patterns and market dynamics could create an interesting situation in the fourth quarter.
Meanwhile, crypto assets had a positive week following news that the United States Securities and Exchange Commission (SEC) would not appeal a court ruling that crypto asset manager Grayscale may be allowed to launch a Bitcoin ETF.
According to Coinmarketcap data, Sunday (22/10/2023), Bitcoin rose 1.35% in a day to US$29,972.96. In a week, the largest crypto asset jumped 11.52%.
The world’s favorite cryptocurrency also received another boost—around 10%—last Monday (10/16/2023) when Cointelegraph tweeted fake news that Wall Street financial giant Blackrock had been approved to launch a US Bitcoin spot ETF.
BlackRock CEO Larry Fink responded to the day’s price surge, saying during an appearance on the FOX Business program, “This is just an example of the pent-up interest in crypto. I think today’s rally is about a move toward quality.”
[Gambas:Video CNBC]
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