DBS Confirms A Surge In Bitcoin Trading Volume Amid Bearish Market
- Singapore-based investment company DBS Digital Exchange saw spikes in crypto transactions amid a bearish market where exchanges are struggling to operate.
- Crypto transactions more than doubled on its platform after June’s market crash, said a report for the exchange. which offers trading services for various digital assets.
When the whole crypto industry was bleeding red with major crypto exchanges, including Crypto.com and Coinbase laying off their staff during the volatile June market, Singapore-based investment company DBS Digital Exchange saw spikes in crypto transactions.
According to a recent revelation by DBS Digital Exchange, which offers trading services for various digital assets, including security tokens and cryptocurrencies, crypto transactions more than doubled on its platform after June’s market crash.
DBS Digital Exchange’s growth
While Bitcoin bought on DBS Digital Exchange in June was around four times that of April 2022, the Ethereum purchase in the same month was 65% higher than that of April.
The company revealed that more than 90% of trades on the exchange in June accounted for “buys,” clearly signaling that investors are interested in grabbing the opportunity of low prices.
The exchange supported by DBS Bank, the largest lender in Southeast Asia, reported that amid unpredictable market conditions, its professional investor clients are storing more digital assets with its custody service.
Moreover, the DBS Digital Exchange revealed that it is planning to roll out self-directed trading for accredited investors in the coming months. This will allow them greater control over their crypto portfolios.
“What we are seeing in the digital asset industry is a great reset as the investment narrative shifts decisively away from the chase for yield. Investors today are instead seeking out safe harbors to trade and store their digital assets amid the ongoing market volatility,”
The exchange’s CEO Lionel Lim stated.
Notably, Piyush Gupta, the CEO of the exchange’s mother company–DBS Bank–is an active crypto proponent. He recently predicted that digital assets will play a key role in the future financial network and could even replace gold’s position.
In addition, DBS Digital Exchange registered a 10% growth in its user base as of June 30 compared to April 30.
Others faced opposite affects
The report comes as a surprise for many, as June 2022 was one of the most devastating months in the history of the cryptocurrency industry. When TerraUSD’s depegging in May prompted a massive crisis in the market, several crypto companies, including Celsius Network and Voyager Digital, had to file for bankruptcy. Even in July, several companies followed the same path and limited or suspended user withdrawals due to severe liquidity crisis and “extreme market conditions.”
While the bear market embedded fear among investors, a large portion of them followed their hearts and trading analysts’ recommendations to buy the dip.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
