Bitcoin Price Rises Above US$30,000 Per Coin

The price of the cryptocurrency Bitcoin has risen again above US$31,972.74 or Rp465.33 million per coin as of Thursday, July 22, 2021, at 08:46 WIB. This value continues the increase in recent days after a decline earlier this week.

Quoting CNBC, the Bitcoin decline was triggered by news that the New Jersey Attorney General issued a cease-and-desist letter to the cryptocurrency lending company, BlocFi, which offers interest-bearing accounts. Ongoing opposition from various central banks around the world means Bitcoin could still face further pressure.

However, a statement from Tesla CEO Elon Musk, who owns several digital currencies, helped support Bitcoin's recovery above US$30,000 per coin.

Based on Yahoo Finance data, the Bitcoin exchange rate throughout July has fallen by US$3,068.09 per coin or 8.76% from its end-of-June position of US$35,040.84 per coin. This cryptocurrency has also shrunk by almost half from its all-time high of US$63,503.46 per coin, reached on April 13, 2021.

For information, Bitcoin is still providing a year-to-date (YTD) return of 10.24% for its owners. This is because the exchange rate of this digital currency at the end of last year was still at US$29,001.72 per coin.