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Fresh Off The Block: Bitcoin price remains low after huge crash below US$35,000 and more

Chloe Lim
·2-min read

Bitcoin price stays low after crash below US$35,000, Indonesia bars financial firms from conducting sales of crypto assets & more

Bitcoin price continues to hover below US$40,000 after experiencing a global crypto market crash across digital tokens last week.

Bitcoin touched a low of US$34,042 over the weekend, a loss of more than 50% from its all-time high in November, according to a report by Bloomberg. On a whole, digital tokens have shed some US$1 trillion in value since a November peak.

This has signalled an influx of mentions of “crypto winter” and “crypto ice age” on social media amid the latest drop. “Gm gm -- make sure you stay warm, crypto winter is in full force,” Twitter user @brycent_ posted on Monday, using the crypto shorthand for “good morning” to start his tweet.

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At 2:36pm, bitcoin is trading at US$36.115 on Jan 25.

On Jan 22, President of El Salvador Nayib Bukele tweeted that he has bought 410 bitcoin for US$15 million with the recent dip.

Previously in June 2021, Bukele had announced that he planned to introduce a bill to the Legislative Assembly which would make El Salvador the first nation to make bitcoin a legal tender.

Meanwhile, Indonesia's Financial Services Authority (OJK) has warned that financial firms are not allowed to offer and facilitate sales of crypto assets amid a boom in crypto trading in Southeast Asia's largest economy, according to a report by Reuters.

"OJK has strictly prohibited financial service institutions from using, marketing, and/or facilitating crypto asset trading," the regulator said in a statement that was posted on Instagram.

Indonesia allows sales of crypto assets in the commodities exchange and trading is supervised by the trade ministry and the Commodity Futures Trading Regulatory Agency, not by the OJK.

Photo: Bloomberg

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