The Number Of Crypto Investors Increases But The Transaction Value Drops, What's Up?

Crypto illustration. (Photo: Unsplash)

JAKARTA - In June 2023, the Commodity Futures Trading Supervisory Agency (CoFTRA) recorded an additional 141.8 thousand crypto asset customers. This shows that public interest in investing in crypto asset trading continues to grow.

As of June 2023, the number of registered crypto asset customers was 17.54 million. In addition, this growth was also accompanied by an increase in the physical trading transaction value of crypto assets of IDR 8.97 trillion, an increase of 9.3 percent compared to the previous month.

According to CoFTRA, the types of crypto assets that are widely transacted by CoFTRA include Tether (USDT), Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and Binance Coin (BNB).

But on the other hand, the total transaction value for the January 'June 2023 period was recorded at IDR 66.44 trillion. This number decreased by 68.65 percent compared to the same period from the previous year.

According to the Head of CoFTRA, Didodiatmoko, the decline in transaction value was caused by several things, such as the global crypto market, which experienced a decline in trading volume, the potential for a low liquidity crisis that had a negative impact on price stability and market efficiency, as well as soaring selling pressures which caused the price of crypto assets to correct. corrected.

In addition, Didid said that the policy of the Federal Reserve of the United States Government regarding interest rates also caused changes in people's behavior from those who previously chose to transact digital assets to switch to savings.

"However, in terms of using blockchain technology, more and more companies such as Meta, Google, and Twitter are starting to integrate blockchain technology in their business activities. This proves that in the future the development of physical trading of crypto assets is still quite promising," concluded Didid.

To create a fair and fair crypto trading ecosystem, CoFTRA has also presented crypto exchanges, clearing, and cryptocurrency asset storage managers, which prioritizes protection for the public as customers.