Indonesia's Crypto Tax Revenue Falls 63% in 2023 Despite Bitcoin's Surge

Twitter icon  •  Published 5 месяцев назад  •  Nikolas Sargeant

The country's tax revenue in 2023 was substantially lower than 2022 when the tax regime was introduced.

Cryptocurrency whales, entities holding significant token quantities, are actively seizing the opportunity to acquire Bitcoin (BTC) at discounted rates amidst its nearly 19% decline following the introduction of U.S. spot ETFs on January 11.

This downward trajectory prompted crypto whales to embark on a strategic bargain-hunting expedition on Bitfinex, a prominent digital asset exchange recognized for its substantial market influence. According to TradingView data, Bitcoin traded at a $100 premium on Bitfinex over the weekend, persisting near $70, a notable difference from major exchanges such as Coinbase and Binance.

Market analyst Byzantine General emphasized the continuous Trade-Weighted Average Price (TWAP) buying activity on Bitfinex, employing an algorithmic strategy to split large orders over time, minimizing slippage during substantial transactions. The ongoing TWAP buying spree on Bitfinex is estimated to have accrued around $50 million in spot trades.

This trend extended into Tuesday, fueled by FTX bankruptcy estate sales and Grayscale Bitcoin Trust (GBTC) outflows, resulting in Bitcoin's prices falling below $39,000 for the first time since early December.

The dip's demand is further underscored by renewed interest in bullish leveraged bets on Bitfinex. Crypto whales persist in strategically navigating the market, leveraging price fluctuations to their advantage within the dynamic landscape of cryptocurrency investments.

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Author

Nikolas Sargeant

Nik is a content and public relations specialist with an ever-growing interest in Crypto. He has been published on several leading Crypto and blockchain based news sites. He is currently based in Spain, but hails from the Pacific Northwest in the US.