DBS Bank Reports Surge in Crypto Purchase on DDEx Exchange

DBS Bank reported a fourfold rise in the proportion of Bitcoin bought on DDEx in June 2022 compared to April 2022, and a 65% increase in the quantity of Ethereum. The surge in Bitcoin purchases came after a significant price drop in June 2022, with 90% of all transactions on DDEx being buy orders due to the substantial price decreases in cryptocurrencies during that month. Lionel Lim, CEO of DDEx, stated that there has been a “great reset” in the digital asset market as investors shift their focus from yield-seeking strategies. The bank noted that investors who believe in the long-term prospects of digital assets are gravitating towards trusted and regulated platforms amid unprecedented volatility in the digital asset industry. The continuing crypto winter was attributed to the crisis of algorithmic stablecoins, with multiple cryptocurrency lending services suspending withdrawals, trading, and deposits as they considered restructuring options. Many lending services filed for bankruptcy, while others sought potential buyers as the prolonged crypto winter loomed.