The whales have sold off their holdings

The BTC market continues to fall, but resistance still exists. From October 2022 to August 2023, the number of Indonesian cryptocurrency investors has never increased by more than 1%, reflecting the downward trend in the global cryptocurrency market.

Furthermore, Bapebuti said that the virtual currency transaction value in Indonesia also decreased by 25.2% month-on-month in September 2023 and by 54.7% compared to the same period in 2022.

Prior to this, at the end of July 2023, Indonesia's Ministry of Commerce coordinated with Bape Buti to open the first virtual currency exchange (CFX) in this Southeast Asian country to ensure people's safety. Trading cryptocurrency assets.

According to Trade Minister Zulkifli Hassan, the launch of CFX reflects the Indonesian government's commitment to providing security to businesses and building a fair ecosystem for crypto asset trading.

Zulkifli argued that the new exchange will also provide clear regulations to protect consumers and give them peace of mind when conducting cryptocurrency transactions, thereby contributing to the country's economy and trade.