Indonesian Government to Launch Crypto Exchange This Year

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Today’s Cryptocurrency Headline

The Indonesian government plans to launch a crypto exchange by the end of the year, Indonesian Deputy Trade Minister Jerry Sambuaga said on the sidelines of the 2022 NXC International Summit. The cryptocurrency initiative is part of the government’s efforts to protect consumers amid rising interest in digital currencies. The exchange was originally scheduled to go live in 2021, but was delayed due to the complicated process.

BingX’s Bitcoin Chart

Source: TradingView & BingX

According to Glassnode, 65.772% of the Bitcoin circulating supply has not been active for more than one year, a record high. Bitcoin is up 0.82% over the last 24 hours and rose to an intraday high of $20,058.01. The U.S. Bureau of Labor Statistics released the nonfarm payrolls last Friday, which shows that the U.S job market added 315,000 jobs in August, just below the Dow Jones estimate for 318,000. The cryptocurrency rose alongside the traditional equity market after the report was released, but could not keep the upward momentum during the weekend, suggesting the bears are selling on rallies. For now, the buyers must hold the price above the psychological level of $20,000 in order to avoid further decline.

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