Indodax: Closing SVB Has No Bad Impact On The Indonesian Crypto Market

The Indonesian crypto market will not be affected by the closure of SVB and Silvergate (photo: Indodax)

JAKARTA - After last week the price of crypto fell, on Tuesday morning, March 14, the crypto market seemed to experience a bullish moment. As for cryptocurrencies that have increased according to the Indodax market, among others, Bitcoin (BTC) rose 8.83 percent, Ethereum (ETH) rose 4.67 percent, and Ripple (XRP) rose 0.37 percent.

Not only that, Cardano (ADA), Polygon (MATIC), and DOGE also experienced an increase of 0.38, 3.11, and 2.31 percent, respectively. On the other hand, Solana (SOL) rose 2.98 percent, and Polkadot (DOT) rose 3.15 percent.

As the actor in the crypto industry, Indodax CEO Oscar Darmawan emphasized that the increase in the crypto market, which took place in 24 hours, was triggered by the banking crisis that was taking place in the United States, one of which was the Silicon Valley Bank (SVB) case which only occurred a few days ago.

"The existence of this case has caused many investors to transfer their funds to crypto assets, especially Bitcoin as a hedge asset. With the increase in the price of Bitcoin, it triggers altcoins to rise as well. Demand for cryptocurrencies that are now rising is expected to take place gradually in 2023," said Oscar in a written statement received in Jakarta.

For some parties who may be worried that the SVB, Silvergate, and Signature cases will have a bad impact on the Indonesian crypto market, Oscar emphasized that this case actually had a fairly positive impact on trading in the domestic crypto market.

"The requirement for an Indonesian crypto exchange that stands and is regulated is to keep its spare money at a bank bank in Indonesia. Therefore, I think that Indonesia's crypto exchangers do not use SVB to collect money," he explained.

Oscar also believes that the banking industry in Indonesia is still running normally, as well as crypto exchanges in Indonesia.

"The most important thing is that people who want to transact crypto are still doing research before going into purchases to find out the right coins or tokens to buy and the right time to buy. By doing Do Your Own Research and learning crypto analysis, it is hoped that investors can transact wisely," concluded Oscar.