Bitcoin Trading Hikes On DBS Digital Exchange Despite Crypto Winter
August 24 2022 - 8:30AM
NEWSBTC
Previously Bitcoin has been fluctuating between the $20K and $25K
price marks. Billions of dollars have been wiped off due to the
crash in its price, particularly in the last four weeks. The loss
has become the primary cause of several firms’ liquidation issues
in the crypto industry. Certain companies have taken hard steps to
sustain and balance their financial stats. An example of such
companies is Celsius, a crypto lending platform. In June, the
company announced the suspension of withdrawals for users. It
stated that the move was due to the conditions of the market.
Related Reading: Ethereum Slides To $1,500 As Hype Around Merge
Dies Down Another notable example is CoinFlex, a crypto exchange.
At the time, the platform reported that it would halt withdrawals
for its users. This resulted from a client who failed to meet up
with repaying his debt to the forum. The crypto market is still
struggling to get back on the bullish trend. Moreover, Bitcoin
trades at a price just below $21,550 at the time of writing.
Bitcoin Price On DBS Exchange Meanwhile, DBS has recently announced
the increasing rate of digital currency transactions on its
exchange. DBS is a Singapore-based digital investment company.
According to its announcement, the transactions of digital
currencies have doubled, dating from the last plunge in June. DBS
crypto transactions’ success is quite surprising given the nature
of the current crypto winter. Moreover, certain other crypto
exchange firms reported the negative effect of the market state on
them. Some prominent examples are Coinbase, Bybit, CryptoCom, and
Gemini. At the time, these digital currency firms saw the need to
cut down on staff capacity. However, the fall of the market was not
the only reason for the action. The companies also reported the
outflow of many of their investors. Meanwhile, Piyush Gupta
believes that the platform, DBS, will become an essential part of
the financial sector. He added that its impact on the financial
network would place it as a substitute for gold. Piyush Gupta is
the CEO of DBS Bank, the trading platform’s mother company.
Moreover, Gupta is a known proponent of digital currencies. Major
Effects Of Crypto Winter The fall of the crypto market can be
traced to certain factors from which the collapse of Terra is not
excluded. First, the occurrence resulted in a notable disaster in
the market. Another example is Three Arrow Capital. At the time,
the firm received order into liquidation from the British Virgin
Island-based court. Related Reading: Another Red Weekly Close For
Bitcoin, Why A Rebound Is On The Horizon Additionally, the energy
crisis, Ukraine military war, and reoccurring inflation worldwide
are some significant causes of the crypto market crash. The heat of
the event brought BTC to its lowest level in 2020, about $17,500.
Featured image from Pixabay, chart from TradingView.com
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