Decreased Crypto Transaction Volume In Indonesia The Effect Of Menyebarnya Kondisi Ekonomi Global

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JAKARTA - Chairman of the Association of Indonesian Crypto Asset Traders (Aspakrindo) Teguh Kurniawan Harmanda assessed that the decline in the volume of crypto transactions in Indonesia was a domino effect of what was happening globally, where the crypto market was hit by a bad macroeconomic situation throughout 2022. "The surge in the global financial system can have a considerable effect on the crypto market. This shock is a macroeconomic situation that is shaky due to the recession and geopolitical warming. This can make the crypto winger situation happen," said the man who is familiarly called Manda in an official statement, quoted from Antara, Friday 7 October. The Commodity Futures Trading Supervisory Agency (CoFTRA) of the Ministry of Trade noted that the total value of domestic crypto transactions in January-August 2022 reached Rp249.3 trillion, down 56.35 percent compared to the same period in the previous year. 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 customers of crypto assets or on average every month the number of registered customers increases by 725 thousand. "This means that the number of crypto investors in Indonesia continues to grow," said Manda. According to him, the sluggish crypto market is also driven by US monetary policy, which makes investors less passionate, even though the US has the largest Bitcoin trading volume on the stock exchange based on Statista data. The tightening of the Fed's policy of raising its benchmark interest rate to suppress inflation could threaten the crypto market. The increase in interest rates has finally caused higher commodity prices and lower purchasing power, investors will stay away from the market. "The increase in the price of basic necessities makes investors 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 explained.