DBS, the biggest bank in Southeast Asia, has some opinions on Bitcoin and other cryptocurrencies. Digitized cryptocurrency trading was only made available to the company’s high-rolling customers as recently as last month.
DBS Digital Exchange is a platform for businesses and other organizations interested in entering the cryptocurrency market.
You can only buy and sell BTC, BCH, ETH, and XRP on this exchange at the moment. But this isn’t the only optimistic outlook DBS has on digital currency.
Their strategists have recently been quoted as saying that Bitcoin is in a class all its own. The market is down, therefore this is a strong remark. BTC is having a hard time breaking above the $20k resistance level.
DBS’s announcement could provide the necessary boost to the cryptocurrency sector, which has been seeing growing institutional interest in cryptocurrencies.
Image: Business Insider
DBS On The Crypto Roll
DBS has other initiatives in the blockchain and cryptocurrency industries, not just the DBS Digital Exchange. After forming a partnership with The Sandbox on September 11, the firm officially joined the Metaverse market.
Even though the cryptocurrency market is experiencing a bear market as of this writing, the company’s CEO Piyush Gupta still supports it.
In a recent media briefing hosted by finews.asia, Daryl Ho, an investment strategist for DBS, stated: “I believe Bitcoin to be unique regardless of price fluctuations,” which corresponds with Gupta’s assertion that Bitcoin is an alternative to gold. Ho also highlighted the distinction between regular and cryptocurrency marketplaces.
Ho stated that cryptocurrencies, and Bitcoin in particular, are exceptional due to the benefit they provide in value transmission without an intermediary, which is the concept underlying DeFi or decentralized finance.
In addition, he emphasized the 24-hour nature of the cryptocurrency market, which makes generating capital and liquidity faster than the old market structure. Ho added that this component of Bitcoin is not widely recognized.
How Does This Affect The Crypto Market?
With the cryptocurrency market in a downturn, this comment may inspire optimism in the market’s eventual maturation. Based on data by Coingecko, Bitcoin’s market performance is negative on a weekly, biweekly, and monthly basis.
This is due to the correlation between the cryptocurrency market and the broader financial market, which is affected by macroeconomic factors. This statement has the potential to bolster market confidence while the inflation situation persists.
As the crypto industry grows and firms and organizations identify more use cases for cryptocurrencies, we may anticipate an increase in the number of businesses entering the cryptocurrency sector.
BTCUSD pair trading at $19,137 on the weekend chart | Featured image from Image: Addiction/Recovery eBulletin, Chart: TradingView.com