TEMPO.CO, Jakarta - The value of crypto transactions in Indonesia continues to showcase a downward trend after reaching its peak in May of 2021 by logging a total transaction amounting to Rp133 trillion. Based on the latest data from the Future’s Exchange Supervisory Board (Bappebti) for August this year, crypto transactions only reached Rp16.9 trillion, which is a sharp decline compared to the Rp99.91 trillion logged in the same month last year.

The transactions in the January - August 2022 period also dropped by 56.33 percent compared to the same period last year that collected Rp570.79 trillion.

Investment practitioner Desmond Wira to Tempo said the “crypto winter” is a global occurrence, which can be seen from the lack of activity in the crypto market. “Who wants to buy crypto if the conditions are like this? Every time I buy, the price tends to go down," he said.

According to Desmond, most crypto investors are currently waiting. Those who still hold assets are less likely to sell their coins. Meanwhile, prospective buyers are still observing the movement ahead. This dark period, he explained, is not only felt in crypto coins but also in the non-fungible token (NFT) market.

Crypto could possibly bounce back, he said, once high-interest rates subside. However, it could also continue to decline as crypto in its nature is not an investment asset but rather a speculation. "Other assets such as stocks, I believe can recover because there are real assets behind it," said Desmond.

Meanwhile, Bappetdi’s Head of Commodity Futures Trading Development and Development Bureau, Tirta Karma Senjaya, said that crypto trading activities in Indonesia are inseparable from the development of global crypto trading. He said the prices of the biggest crypto assets, such as Bitcoin and Ethereum, are currently weakening. "Thus reducing investor interest in a bearish market," said Tirta.

However, he believes in the market optimism toward crypto assets, which are believed to recover in the next few years

RIRI RAHAYU | CAESAR AKBAR | KODRAT SETIAWAN | VINDRY FLORENTIN

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