Crypto Market Sees Significant Upsurge with Bitcoin Hitting New Heights

The cryptocurrency market has experienced a notable surge in the past 24 hours, with Bitcoin (BTC) reaching an impressive high of $81,150 or approximately Rp1.41 trillion on Wednesday, May 6.

According to financial expert Panji Yudha from Ajaib, this significant increase occurred as a result of a substantial spike in BTC prices, which had been held below its psychological level for nearly three months.

The massive surge was triggered by a short squeeze worth $450 million, as well as positive news from Washington regarding the finalization of the Clarity Act (US crypto market structure regulation).

Institutional fund flows have also played a crucial role in reinforcing the bullish sentiment. Spot Bitcoin ETFs recorded a net inflow of $630 million on May 1, followed by an additional $532 million on May 4.