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Learn Crypto Investment, Take Advantage of Bitcoin's Rally Momentum

Learn Crypto Investment, Take Advantage of Bitcoin's Rally Momentum

 

 Ziepnet - The price of bitcoin (BTC) is getting 'crazy' lately. The cryptocurrency with the largest capitalization value broke in the range of US$54 thousand per chip. In fact, it touched US$55,147 as of Thursday (7/10).

Quoting coinmarket.com, bitcoin is at the level of US $ 54,479 per chip. The figure rose 0.52 percent in the last 24 hours or 26.35 percent in the last seven days.

The price of bitcoin has soared several times to break records. Reporting from CNN Business, bitcoin had reached its highest level at the level of US $ 20,000 per chip in 2017.

However, the price of bitcoin plummeted to as low as US$3,000 per chip in 2019. This is because China is cracking down on the cryptocurrency business.

Then, the price rebounded to the level of US $ 8,000 in May 2019. It did not stop there, the price of bitcoin soared to touch US $ 20,000 per chip in December 2020.

Bitcoin also looks to be moving faster and penetrated US $ 30 thousand per chip in early 2021. Now, bitcoin is already perched above US $ 54 thousand per chip.

If you look at the trend, bitcoin seems to be growing steadily in the midst of the covid-19 pandemic. If someone bought bitcoin in 2017, the profit would have been more than 100 percent.

This is certainly interesting for people who want to try to invest and enjoy money many times over.

It is known, crypto money is still prohibited as a means of payment in Indonesia. However, crypto is a commodity futures exchange, so it doesn't matter as long as it is used as an investment or as a commodity traded by market participants.

Crypto money is regulated by the Commodity Futures Trading Supervisory Agency (CoFTRA) of the Ministry of Trade through CoFTRA Regulation No. 2 of 2019 concerning the Implementation of the Physical Commodity Market on the Futures Exchange.

So, what are the things that must be prepared if you want to try investing in cryptocurrencies?

1. Find a Crypto Money Trading Platform

The founder and Chief Executive Officer (CEO) of Bitocto Milken Jonathan explained that the public should look for a platform that trades cryptocurrencies legally and is registered with CoFTRA.

Bitocto, said Milken, is one of the platforms that is legal and registered with CoFTRA. "You can go directly to the platform. Basically the crypto exchange platform has done all the functions of the exchange, clearing, and others,"

Then, the public will receive an e-mail to verify. If you have verified, the public can return to the official platform page and log in using the registered e-mail and password.

"After that, the novice performs two-way authentication," added Oscar.

If all processes have been carried out, then the community can immediately make transactions.

2. Cold Money

Meanwhile, Milken explained that people should use 'cold money' to invest in crypto assets. Cold money means funds that will not be used for a certain period of time.

This is so that the financial cash flow (cashflow) is not disrupted. Thus, the invested funds do not have to be withdrawn in the short term.

3. Choose Blue Chip Asset

In addition, Milken suggested that people start investing by choosing 'blue chip' crypto assets. The assets in question are bitcoin and ethereum (ETH).

“Start investing in crypto assets with a focus on bitcoin and ethereum at an early stage as a startup,” said Milken.

According to Milken, blue chips or non-blue chips can be seen from the value of market capitalization, trading value, liquidity, and how many platforms are trading cryptocurrencies.

"The definition of blue chip from my perspective is only two, bitcoin and ethereum only, because from number three down they have started to often go up and down the ranking of market capitalization values," explained Milken.

4. Read a lot and follow developments

Furthermore, Milken said that people should be diligent in reading about crypto investments. This is so that people understand the various terms in crypto assets, the trend of cryptocurrency movements, and their fundamentals.

In addition, people who invest in any instrument, including cryptocurrencies, must be aware of developments in the country and globally. The reason is, it will affect the movement of crypto money."Must keep up to date with news,"

He explained that some of the fundamental sentiments that affect cryptocurrencies are the economic, regulatory, and political situation. So, people must understand the dynamics. "But, of course for this crypto there is a sentiment and its own market cycle," said Milken.

For example, news regarding El Salvador's President Nayib Bukele who legalized bitcoin as a legal tender in the country has given positive sentiment to crypto money.

"For example, positive news related to El Salvador made prices go up. On the other hand, mining tires in China had made bitcoins go down. Another example, the strengthening of the US dollar could also make bitcoin prices weaken and vice versa," said Milken.

Similarly, Oscar also reminded the public to learn about crypto money if they wanted to taste money from the instrument.

He explained that a good crypto asset is one that has high liquidity. It is characterized by a large trading volume, being traded on multiple platforms, and having a large number of community members.

"It's only natural that crypto assets with such good criteria will definitely continue to rise in price and benefit traders," said Oscar.

Oscar said that if someone chooses to invest in the short term, the most profitable crypto assets are utility crypto assets, such as bitcoin.

"Because in general they (types of utility crypto assets) have high price volatility, so they can be used by traders to buy and sell," explained Oscar.

Then, if you are looking for crypto assets with stable prices, Oscar said people can choose tether (USDT). The price of the cryptocurrency will depend on the price of gold, silver, US dollars.

"This type of crypto asset also benefits traders if it is used as a store of value because the price tends to be stable," said Oscar.

5. Buy When Prices Fall

When the price of crypto assets is inflamed, Oscar said the public can take advantage of the momentum to buy cheaply. The reason is, it will provide big profits to investors when the price has gone up again.

"Investment is basically buying something at a low price and selling it at a high price. So, when the asset weakens, it can be a time to buy, hold, and sell when the price goes up," said Oscar.

He gave an example that bitcoin had penetrated its highest level at US $ 60 thousand per chip. Thus, people who previously bought bitcoin at the level of US $ 40 thousand-US $ 50 thousand per chip, then sold it at a price of US $ 60 thousand per chip, it will get a profit of about 20 percent-50 percent.

Meanwhile, Milken explained that the decline and increase in crypto prices is a natural thing. When it weakens, investors can take advantage of it to get assets at a cheaper price.

However, he stated that bitcoin as one of the cryptocurrencies continues to be in an upward trend. This is because the supply of bitcoins is limited in the market.

Milken advised people not to sell when crypto prices are at support points or low levels and don't buy when prices are in resistance areas or high levels.


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