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Crypto News - Posted on 15 January 2025 Reading time 5 minutes
DIGIVESTASI - Bitcoin Price Declines Amid Strengthening US Dollar
The price of Bitcoin continues to decline and is trading around USD 93,000, or approximately IDR 1.51 billion (assuming an exchange rate of IDR 16,285 per US dollar). This drop is driven by a US jobs report showing positive results, which in turn strengthens the US dollar.
Zach Pandl, Director of Research at Grayscale, explained that Bitcoin’s price movements in recent times have been primarily influenced by the strengthening of the dollar, which is driven by the Federal Reserve's aggressive policies and ongoing concerns about tariffs.
The jobs report raised expectations that the Federal Reserve’s interest rate cuts would be delayed, which in turn supports the dollar and adds temporary downward pressure on Bitcoin’s price.
Despite facing macroeconomic challenges, Grayscale remains optimistic about Bitcoin’s long-term outlook. Pandl believes that while the current decline may temporarily hold Bitcoin back, the upcoming US presidential inauguration could trigger positive movements in the market. "With Donald Trump's inauguration on January 20, the crypto industry could soon benefit from more supportive regulatory policies," said Pandl, as quoted by CoinMarketCap on Tuesday (January 14, 2025).
Trump’s victory in the 2024 presidential election is expected to bring changes in regulatory policies that are more supportive of the cryptocurrency sector. Trump has promised to appoint regulators who support crypto and transform the US into a global crypto hub.
Market analysts are also showing similar optimism for 2025. Steno Research projects that Bitcoin will reach a new all-time high, citing the more favorable regulatory environment that is expected to encourage adoption by institutions.
Source: liputan6.com
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