- DBS reported a fourfold increase in the proportion of bitcoin purchased on DDEx.
- The 40% monthly drop drove the bitcoin price to below $20,000 in June 2022.
According to the statistics of one of the largest banks in Singapore, DB . BankInstitutional investors’ interest in Bitcoin (BTC) increased after the massive sale of the cryptocurrency in June 2022.
As an investor interest in cryptocurrencies such as Bitcoin and Ethereum Growing, the volume of transactions on DDEx has increased significantly. DBS said that 90% of all transactions on DDEx were buy orders in June due to the significant drop in cryptocurrency prices during that month.
DBS reported a fourfold increase in the percentage of Bitcoin purchased on DDEx in June compared to April 2022, and a 65% increase in the amount of ETH.
The bank stated:
“As the digital asset industry experiences unprecedented volatility, investors who believe in the long-term prospects of digital assets are gravitating towards reliable and regulated platforms.”
Lionel Lim, CEO of DDEx, claims that there has been a “big reset” in the digital asset market as investors shift their focus from strategies for looking for returns. A 40% monthly drop drove the bitcoin price below $20,000 in June 2022, making this month the worst for bitcoin since September 2011. According to CMCToday, the bitcoin price is $21,442.83 with a 24-hour trading volume of $32,635,133,816 USD. Bitcoin is up 0.61% in the past 24 hours.
Since crypto lenders have dried up due to liquidity issues, the ongoing crypto winter has been blamed on the algorithmic stablecoin crisis.
Crypto-lending services have temporarily suspended withdrawals, trading and deposits as they consider their options for restructuring. Many have filed for bankruptcy while others are looking for potential buyers as the long-running crypto winter approaches.
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