The Optimism Of The Crypto Market Behind The Decreased Volume Of Transactions In Indonesia

Illustration of crypto assets (photo: Unsplash)

JAKARTA - The volume of crypto asset trading transactions continues to decline from year to year. In 2021 the volume of crypto asset trading transactions reached IDR 859.4 trillion. Then it fell 63 percent to IDR 306.4 trillion in 2022, and decreased again to IDR 94.4 trillion as of September 2023.

However, investors show optimism in the market by holding back assets or often called "hold on for dear life" against their crypto assets.

According to Crypto Analyst Reku Fahmi Almuttaqin, the increase in investor preferences for holding down their crypto assets is due to price factors that are green and the increasing scarcity of several crypto assets, especially BTC and ETH.

"The increasing scarcity value in BTC and ETH makes investors prefer to store their crypto assets," explained Fami in a written statement received by VOI on Wednesday, November 8.

According to him, this phenomenon actually shows the optimism and confidence of investors, which can be an important asset for the crypto market to undergo the next bullish phase.

Responding to market optimism, CEO Reku Robby said that stakeholders in the crypto ecosystem need to strengthen action to prevent Indonesians from transacting on unregistered foreign exchange platforms.

"Hopefully, regarding this tax, it can be discussed immediately with industry players, associations, and regulators to share proposals and find better solutions for the implementation of ideal regulations in the crypto ecosystem," concluded Robby.