DBS reported a fourfold rise in the proportion of Bitcoin bought on DDEx.
A 40% monthly decline sent the Bitcoin price below $20,000 in June 2022.
According to statistics from one of Singapore’s largest banks, DBS Bank, institutional investors’ interest in Bitcoin (BTC) has increased after the massive selloff of cryptocurrencies in June 2022.
As investor interest in cryptocurrencies like Bitcoin and Ethereum grows, the volume of transactions on DDEx has increased dramatically. DBS said that 90% of all transactions on DDEx were buy orders in June due to the significant price drops in cryptocurrencies during that month.
Unprecedented Volatility
DBS reported a fourfold rise in the proportion of Bitcoin bought on DDEx in June compared to April 2022, and a 65% increase in the quantity of ETH.
The Bank stated:
“With the digital asset industry experiencing unprecedented volatility, investors who believe in the long-term prospects of digital assets are gravitating towards trusted and regulated platforms.”
Lionel Lim, CEO of DDEx, claims that there has been a “great reset” in the digital asset market as investors shift their focus from yield-seeking strategies. A 40% monthly decline sent the Bitcoin price below $20,000 in June 2022, making that month the worst for Bitcoin since September 2011. According to CMC, the Bitcoin price today is $21,442.83 USD with a 24-hour trading volume of $32,635,133,816 USD. Bitcoin is up 0.61% in the last 24 hours.
Since crypto lenders dried up due to the liquidity problem, the continuing crypto winter has been blamed on the crisis of algorithmic stablecoins.
Multiple cryptocurrency 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 out for potential buyers as the prolonged crypto winter looms overhead.