Crypto This Week: Indonesia Ranked 6th for Highest Number of Crypto Users Worldwide
What Happened in the Crypto Industry & NOBI During the Past Week?
Hello, NOBI’s! The crypto industry ended February on a high note, with several positive developments taking place in the last week. A new report reveals that Indonesia has joined the ranks of the world’s largest crypto-owning countries. In another development, Lotte has partnered with Polygon to enhance its NFT business. It remains to be seen whether this collaboration will have a positive impact on the MATIC price. We recap what’s been happening in the crypto industry during the past week!
1. Indonesia Ranked 6th for Highest Number of Crypto Users Worldwide
According to a report by We Are Social dan Hootsuite, Indonesia has emerged as the sixth-largest country in terms of cryptocurrency ownership globally. The report also revealed that Indonesia ranked first among Asian countries for investing in digital assets, with 86% of investors having invested in them. These findings were detailed in a report titled “Digital Assets: Unclaimed Territory 2022 Edition,” published by information technology company Accenture.
Indonesia has seen a significant interest in digital assets, as 72% of investors have already invested some of their assets in this area. Another 14% have also expressed their desire to enter this market. According to a recent report from We Are Social and Hootsuite, Indonesia is currently the sixth-largest country in terms of crypto ownership. As of January 2023, 20.1% of internet users aged 16-24 years in Indonesia already own crypto assets.
2. Lotte Teams Up with Polygon to Enhance Its NFT Business, Will MATIC Price Increase?
Lotte Group, a large South Korean conglomerate, is making significant strides in the non-fungible token (NFT) industry. They recently announced their partnership with Polygon to expand their NFT exposure globally. The collaboration is spearheaded by Lotte Group’s business entity, Daehong Communications, which has a strong marketing presence.
The CEO of Daehong Communications, Hong Seong-hyun, expressed excitement about the partnership with Polygon and believes it will accelerate their NFT projects with various companies worldwide. With active support from the Polygon Foundation, Daehong is confident they will become a major web3 player in the digital asset ecosystem.
Lotte Group chose Polygon as their partner because they see the layer-2 scaling protocol on the Ethereum network as highly compatible with low transaction fees. This latest collaboration could potentially drive up the price of Polygon (MATIC). Only time will tell, and we will keep a close eye on the developments.
3. Bitcoin Price Predicted to Surge in March 2023
Bitcoin (BTC) and several other cryptocurrencies saw a significant uptick in trading on Tuesday (2/28) night, despite recent negative news that had previously slowed their momentum. The largest cryptocurrency has managed to hold onto its profits from last February and is still trying to maintain a bullish outlook for the foreseeable future.
According to Ibrahim Asjuangbi, the Director of PT Laba Forexindo Berjangka, Bitcoin is showing signs of potential to break above the resistance level of US$23,650 (equivalent to Rp.360.6 million), but it must first overcome the resistance at US$24,000 (equivalent to Rp.365.9 million) to continue its steady increase in the near term.
Bitcoin had previously broken above US$25,000 on February 21, with a total profit of 53% for the year. The rally was expected to continue, especially after US retail sales data exceeded market consensus the previous week, fueling investors’ hopes for a soft landing and the chance of avoiding a recession. If the Fed’s strategy to increase interest rates and cut balance sheet reduction of US$9 trillion without significantly damaging the economy proves successful, risky assets, including stocks, commodities, and Bitcoin, could see favorable gains.
4. JP Morgan Builds Blockchain Lab to Further Explore Crypto Industry
JPMorgan Chase & Co, one of the largest commercial and investment banking institutions in the United States, has announced plans to establish a blockchain innovation laboratory in Greece. This move underscores the bank’s commitment to exploring the full potential of the cryptocurrency industry.
The lab will focus on assisting companies in researching and developing applications for Onyx, a platform launched by JPMorgan Chase & Co in 2020. To expedite the construction of the lab, JP Morgan recently conducted a recruitment drive to fill several key positions, including a full-stack software leadership chair, head of mobile applications, and technical manager.
5. 83% of Japanese Crypto Traders Say They’ll HODL their Coins
According to a recent survey by Zero Accel, a Tokyo-based media company, over 80% of cryptocurrency traders in Japan plan to hold onto their coins this year. The survey, conducted in January, involved 330 crypto holders from 47 prefectures in Japan. Of all the respondents, 82.7% said they had no plans to sell their tokens in the near future.
The survey also revealed that Bitcoin (BTC) was the preferred coin for 7 out of 10 participants, while the majority of the remaining participants favored Ethereum (ETH). The crypto holders surveyed ranged in age from 20 to 60 years old, and consisted of 228 men and 102 women.
That wraps up for Crypto This Week. We’ll see you at the next one!