According to the latest reports, Indonesia is seeing a huge boom in the crypto industry. Digital assets transactions saw a rise of $1.92 billion during February, new notes reveal.
Crypto explodes in Indonesia
Indonesia reported a massive spike in crypto transactions last month, and this happened alongside the crypto market rally that we have been witnessing.
The transactions managed to reach $1.92 billion or Indonesian Rupiah 30 trillion back in February.
The Commodity Futures Trading Supervisory Agency (Bappebti) announced that the number of registered crypto investors in the country reached 19 million last month, with an increase of 170,000 users since January.
Bappebti attributes the growth to positive market sentiments driven by the rise in Bitcoin’s (BTC) price and the rally in altcoins, which are tokens other than BTC.
The regulator is aiming to match or exceed the transaction volume of $51.28 billion from the last bull run in 2021, by 2024.
Tirta Karma Senjaya from Bappebti has highlighted that there has been a downward trend in 2022 and 2023, but a rebound is expected in 2024. The upcoming bitcoin halving is seen as a key catalyst for this rebound.
As revealed by the online publication CoinDesk, Tirta said the following during a Reku exchange event: “I’ve previously said that this industry (crypto) is still in its embryonic stage, so imposing heavy taxes might kill the industry.”
The crypto market has lately exploded alongside the rise of Bitcoin’s price. The king coin managed to reach new ATHs and it’s also important that we mention the fact that we’re just ahead of the halving event.
During the weekend, Bitcoin saw a considerable price drop, and the latest reports revealed the reason for which this happened.
This downturn led to a ripple effect, causing a decline of up to 10% in altcoins. However, the market exhibited signs of stabilization as Bitcoin recovered to the $66,000 mark.
Bitcoin’s price briefly rose before declining to the lower $64,000 level. This happened during a Federal Reserve meeting, which analysts believe may have triggered the fluctuations.