The Crypto Market Stung by Positive Sentiments from Various Countries’ Regulations, How come?

The Crypto Market Stung by Positive Sentiments from Various Countries' Regulations, How come

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Crypto investment trends in Indonesia are growing very rapidly. Based on the latest data from the Commodity Futures Trading Regulatory Agency (CoFTRA) of the Indonesian Ministry of Trade, the number of crypto asset investors in Indonesia in February 2022 reached 12.4 million crypto investors.

Public interest will continue to grow towards crypto given the high positive sentiment from the world government and also Indonesia.

As one of the players in the crypto industry, Indodax CEO Oscar Darmawan believes that this increase in crypto asset investors will continue. This is the impact that blockchain technologies such as crypto, DeFi, and NFT are increasingly needed.

“It is not impossible, the increase in investors will also continue to rise again this year. Moreover, the government has also been very open to the adoption of crypto as a digital commodity which is highly considered,” Oscar said in a written statement, quoted Friday (1/4/2022).

“Based on data from Chain Analysis, Indonesia ranks fifth in the Southeast Asian region after Vietnam, Thailand, the Philippines, and Malaysia and ranks 25th in the world regarding crypto adoption in 2021,” continued Oscar.

Oscar continued, the data proves that Indonesia has placed crypto as an increasingly mainstream commodity. Its adoption even beat Singapore, which is in eighth place in Southeast Asia.

Not only the openness of the ecosystem in the country, the positive world sentiment has more or less influenced the crypto investment trend. For example, some countries have relaxed their crypto usage policies.

“Recent regulations in various countries have made crypto sentiment shift in a positive direction. First, there is the Brazilian capital, Rio de Janeiro which will allow its citizens to pay taxes using crypto, and has plans to allow other payments using crypto,” said Oscar. .

Bitcoin Price Rises

The Crypto Market Stung by Positive Sentiments from Various Countries' Regulations, How come

In addition, the Deputy Prime Minister of Vietnam who is instructing the creation of a Bill related to crypto. Then, the UK Government also plans to release new rules that focus on stablecoins due to its massive growth in recent times.

“Not only that, Terraform Labs’ institutional investors are also reported to have just bought a fantastic amount of Bitcoin. What Terraform Labs has done is enough to increase the price of crypto and provide a positive catalyst for investors,” said Oscar.

With the regulatory trends occurring in some of the countries above, it proves that more and more countries in the world are competing for crypto adoption.

“In fact, I predict that in 2022 there will be many countries that will follow El Salvador to adopt Bitcoin and other cryptocurrencies as a means of payment and foreign exchange reserves,” explained Oscar.

Recently, crypto has also entered a green market rally for several days. After previously being in the red zone, the crypto market has shown its peak in the last few days starting with the increase in the price of Bitcoin.

“The last few days crypto investors, especially those who invest in Bitcoin, I think are quite happy to see Bitcoin prices rally in the green for several days,” concluded Oscar.

If calculated within a week, the increase in the price of Bitcoin is approximately 20 percent and during this week the highest Bitcoin price was at 690 million on March 29, 2022.

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