Crypto Asset Transactions in Indonesia Dropped

The Volume of Crypto Asset Transactions in Indonesia Dropped Sharply, What’s Up?

The Indonesian Crypto Asset Traders Association (Aspakrindo) noted a decrease in the volume of crypto asset transactions in the country. This was allegedly due to the domino effect of the global crypto market which was affected by the unfavorable economic situation throughout 2022.

“Global financial system shocks can have a considerable effect on the crypto market. The shock is a shaky macroeconomic situation due to the recession and heated geopolitics. This can make the crypto winter situation possible,” said Teguh Kurniawan Harmanda, Chairman of Aspakrindo in a statement in Jakarta, Friday (7/10/2022).

The Commodity Futures Trading Supervisory Agency (CoFTRA) of the Ministry of Trade (Kemendag) recorded that the total value of domestic crypto asset transactions in January-August 2022 reached Rp 249.3 trillion. Realization was down 56.35% compared to the same period in the previous year.

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In 2021, the total value of crypto asset trading transactions in Indonesia will reach IDR 859.5 trillion. Meanwhile, in terms of the number of investors, as of August 2022, Indonesia has 16.1 million crypto asset customers or the average number of registered customers increases by 725,000 each month.

“This means that the number of crypto investors in Indonesia continues to grow,” he said.
According to him, the sluggish crypto asset market was also driven by US monetary policy, which made investors less enthusiastic. In fact, the US has the most Bitcoin (BTC) trading volume on the exchange based on Statista data.

The increase in interest rates eventually causes higher commodity prices and weakening purchasing power, investors will stay away from the market .

 

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“The increase in the price of basic needs makes investors to wait and see. This is what is starting to be felt in Indonesia, investors choose to wait for the right moment to re-enter the crypto market , when the macroeconomic situation is stable,” he said.

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