DBS Bank reports 4x increase in Bitcoin purchases on DDEx Exchange in June

According to data from one the largest banks in Singapore, a major cryptocurrency sale in June 2022 has attracted more interest in Bitcoin ( BTC).

Due to investors’ increasing interest in digital assets such as Bitcoin and Ether ( ETH), the total trades on DDEx increased more than twice in June 2022 than April 2022. DBS stated that 90% of all June trades were made on DDEx because cryptocurrencies are traded at significant discounts in mid-2022.

DBS reported that the June amount of Bitcoin purchased via DDEx saw a fourfold increase in comparison to April 2022. However, the June quantity of ETH grew 65%.

The bank stated that investors who have faith in the long-term prospects for digital assets are turning to trusted and regulated platforms, despite the industry’s volatility.

Lionel Lim, CEO of DDEx, said that the industry’s digital assets have seen a “great restart” because the investment narrative is moving away from chasing yield. Lim stated that investors today seek safe harbors to store and trade their digital assets in the face of market volatility.

Similar: Are you feeling the summer doldrums? According to CoinShares, crypto volumes have fallen 55%

As previously reported, June 2022 was the worst month for Bitcoin price since September 2011. Its monthly losses amounted to 40% and the BTC price fell below $20,000. The continuing crypto winter can be largely attributed the crisis in algorithmic stablecoins, and the subsequent disaster in cryptocurrency lending.

“Everyone involved must be aware of the risks and accept that there are no bailouts in this space. If a borrower defaults on a loan, the lender must also accept the loss. Josef Tetek, Trezor crypto analyst, stated that there is no guaranteed yield and that sometimes the risks are not worth the rewards.

Opinion writer on 7trade7