Vincent Fabian Thomas (The Jakarta Post)
PREMIUM
Jakarta ●
Fri, January 6, 2023
The Indonesian crypto market is unlikely to improve in 2023, with investors braced for another difficult year amid a new regulatory environment.
The global cryptocurrency market capitalization evaporated by more than 60 percent over the past year to around US$800 billion, CoinMarketCap data show. Several crypto exchanges have filed for bankruptcy, including the most notable exchange FTX.
In line with this bearish trend, the transaction value of crypto assets in Indonesia fell by more than 65 percent to around Rp 300 trillion ($19.1 billion) in 2022, from Rp 859 trillion the previous year, Commodity Futures Trading Regulatory Agency (Bappebti) data show.
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