Bitcoin trading surges on DBS Digital Exchange despite crypto winter
In the past, Bitcoin has fluctuated between $20K and $25K price marks. Billions of dollars have been wiped out due to the crash in price, especially in the last four weeks. The loss has become the primary cause of several firms’ liquidation problems in the crypto industry.
Certain companies have taken drastic measures to maintain and balance their financial statistics. 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 market conditions.
Another notable example is CoinFlex, a crypto exchange. At that time, the platform reported that it would stop withdrawals for its users. This is because a client failed to repay his debt to the forum.
The crypto market is still struggling to get back on the bullish trend. Moreover, Bitcoin is trading at a price just below $21,550 at the time of writing.
Bitcoin price on DBS Exchange
Meanwhile, DBS has recently announced the increasing frequency of digital currency transactions on the exchange. DBS is a Singapore-based digital investment company. According to the announcement, digital currency transactions have doubled, from the latest 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 a significant part of the financial sector. He added that the impact on the financial network would position it as a substitute for gold. Piyush Gupta is the CEO of DBS Bank, the trading platform’s parent company. Moreover, Gupta is a well-known proponent of digital currencies.
Big 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 incident resulted in a significant market disaster. Another example is Three Arrow Capital. At the time, the firm received orders for liquidation from the British Virgin Islands-based court.
In addition, the energy crisis, Ukraine’s military war and repeated inflation all over the world are some important reasons for the crash of the crypto market. The heat of the event brought BTC to its lowest level in 2020, around $17,500.
Featured image from Pixabay, chart from TradingView.com
