Bitcoin Stalls at US$86,000 as Rally Begins to Narrow
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- Harga Bitcoin bertahan di kisaran US$86.000 setelah lonjakan awal pekan, tetapi volume perdagangan turun 36% menjadi US$38 miliar.
- Penguatan pasar kripto tidak merata: hanya sebagian aset yang naik, sementara XRP dan Bitcoin Cash menguat, Ethereum justru melemah.
- Penurunan harga minyak Brent di bawah US$100 mengurangi tekanan inflasi global, namun pasar kripto tetap menjadi tujuan investasi alternatif.
Bitcoin (BTC) was still trading around US$86,000 on Wednesday, after a significant surge earlier in the week. The price of the leading crypto asset stood at US$86,379 in the European session, up just 0.24% since midnight UTC, though it was still up 1.3% over the past 24 hours. However, daily trading volume plunged 36% to US$38 billion, signaling that market interest is starting to wane.
Behind the still-positive index figures, the crypto rally is in fact narrowing. Of the 100 constituents of the CoinDesk 100, 38 assets were down on the same day, even as the index as a whole rose 0.67% to 1,926.99. Over a rolling 24-hour period, the picture was still fairly broad, with 87 assets gaining and 13 declining, indicating that the weakness only emerged in the past few hours, not since Tuesday.
The market was also split: XRP jumped 3.3% to US$1.62 and Bitcoin Cash rose 2.0% to US$351.59, while Ethereum slipped 0.089% to US$2,750.24 and Chainlink weakened 0.0053%. This pattern indicates that liquidity is no longer evenly spread across crypto assets, but concentrated in certain segments.
The drop in Brent crude below US$100 per barrel for the first time since September 9 also influenced market sentiment. Brent traded at US$99.13 after touching US$108 in mid-September. The decline eased inflation concerns that had been triggered by the Federal Reserve's interest rate hike on September 16. The cause is hopes for a deal between the United States and Iran, with a Qatari mediator currently in New York to discuss with US officials, while Iranian President Masoud Pezeshkian is scheduled to speak at the UN General Assembly today.
Traditional safe-haven assets were instead sold off. Gold fell 0.85% to US$4,321 and silver weakened 2.2% to US$65.53. The US dollar index strengthened 0.21% to 100.76, while US equity futures were nearly unchanged. This makes crypto one of the few assets still in demand amid global uncertainty.
"The crypto market is currently a temporary shelter for investors seeking returns outside traditional assets," a crypto market analyst said, as quoted by CoinDesk.
For Indonesian investors, this dynamic is worth watching. The decline in global trading volume could affect the liquidity of the domestic crypto market, which has been fairly integrated with international exchanges. In addition, the weakening of world oil prices could influence domestic energy policy, though on the other hand it may ease inflation pressure. The appreciation of the US dollar is also a warning signal for the rupiah exchange rate, which has historically correlated with crypto asset movements in the country.
Going forward, market focus will be on the developments in US-Iran negotiations and President Pezeshkian's speech at the UN, which could change the direction of risk sentiment. If geopolitical tensions ease, fund flows into risk assets such as crypto may strengthen again. However, if trading volume continues to thin out, Bitcoin's rally could lose steam. The question is, can crypto still be an attractive investment alternative amid global uncertainty that has not fully subsided?
