Bitcoin Trading Hikes On DBS Digital Exchange Despite Crypto Winter
Bitcoin Trading Hikes
Modified Date:- Published Date:-Categories: Cryptocurrency
Bitcoin TradingHikes On DBS Digital Exchange Despite Crypto Winter
PreviouslyBitcoin has been fluctuating between the $20K and $25K price marks. Billions ofdollars have been wiped off due to the crash in its price, particularly in thelast four weeks. The loss has become the primary cause of several firms’liquidation issues in the crypto industry.
Certaincompanies 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 thatthe move was due to the conditions of the market.
Anothernotable example is CoinFlex, a crypto exchange. At the time, the platformreported that it would halt withdrawals for its users. This resulted from aclient who failed to meet up with repaying his debt to the forum.
BitcoinPrice On DBS Exchange
Meanwhile,DBS has recently announced the increasing rate of digital currency transactionson its exchange. DBS is a Singapore-based digital investment company.According to its announcement, the transactions of digital currencies havedoubled, dating from the last plunge in June.
DBS cryptotransactions’ success is quite surprising given the nature of the currentcrypto winter. Moreover, certain other crypto exchange firms reported thenegative effect of the market state on them. Some prominent examples areCoinbase, 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. Thecompanies also reported the outflow of many of their investors.
Meanwhile,Piyush Gupta believes that the platform, DBS, will become an essential part ofthe financial sector. He added that its impact on the financial network wouldplace it as a substitute for gold. Piyush Gupta is the CEO of DBS Bank, thetrading platform’s mother company. Moreover, Gupta is a known proponent ofdigital currencies.
MajorEffects Of Crypto Winter
The fall ofthe crypto market can be traced to certain factors from which the collapse ofTerra is not excluded. First, the occurrence resulted in a notable disaster inthe market. Another example is Three Arrow Capital. At the time, the firmreceived order into liquidation from the British Virgin Island-based court.
Bitcoin has climbed much higher on the DBS Digital Exchange despite the Crypto Winter. During this time, a total of $2.2 billion has been wiped off from the global Bitcoin market cap. However, as time progresses, investors are becoming more and more optimistic about the prospects of Bitcoin.