The growing Bitcoin prices have sparked competition among individuals and businesses involved in holding, buying, selling, or providing crypto-related services. Even nations with digital asset holdings have seen significant gains, prompting some to implement favorable regulations to foster the growth of the blockchain-based currency industry.
However, Singapore has continued to prove its dominance over the wider crypto market; a recently published report highlights that more than 40 percent of the residents of the region hold cryptocurrencies.
As per market experts, the Singaporean crypto market suffered on the verge following the sudden demise of FTX and Terra Luna, including a few others, despite this, Singapore and its investors remain bullish over these blockchain-based infrastructures.
It is worth noting there are claims that a massive spike in adoption, trading volume, and market growth is seen, especially after the approval and launch of Bitcoin spot ETFs.
The authority of Singapore remains cautious over crypto and retailed services, specifically for retail access to exchange-traded funds (ETFs).
Dozens of digital asset experts argue that the market of the region is expected to take a move following the speculated growth of the USA crypto market under the rule of Donald Trump the 47th president of the nation.
Is Crypto Helping the Singaporean Economy to Boost?
It has been reported that the core inflation, excluding rent and transport, saw a decline in October this year; similarly, the reported inflation was 2 percent in September however, it was recorded at 1.4 percent in October 2024.
Singapore’s economy is showing strong momentum as inflation eases. In Q3 2024, the GDP (gross domestic product) grew by 5.4 percent year-on-year, surpassing the earlier estimate of 4.1 percent.
This marks the fastest economic growth since late 2021. As a result, officials have updated the annual growth forecast for 2024 to 3.5 percent, an increase from the previous range of 2 percent to 3 percent.
Over forty percent of Singaporeans are now investing in crypto, and this trend extends beyond just the Gen Z demographic.
Crypto Market Price Update
The wider crypto market’s market capitalization has shown severe bullish momentum since Donald Trump’s historic victory. As of writing, the market cap was 3.71 trillion, with a surge of more than 2.60 percent in the past 24 hours.
Among all cryptocurrencies, Bitcoin has continued to prove its relevance, while writing, it was exchanging hands at $105,141 with an intraday growth of 3.16 percent and a weekly surge of 6.66 percent.
Source: CoinMarketCap
The press time market capitalization of Bitcoin was $2.01 trillion, after a whopping spike of 3.19 percent in the past 24 hours, and the trading volume was $63.46 billion with a growth of 65 percent intraday.
With a slow pace, Ethereum seemed to be approaching the $4,000 mark until it was trading at $3,953 with a growth of 1.90 percent in the past 24 hours. The intraday gainers’ list has been topped by Ondo, followed by Fantom, Virtual Protocol, and Stacks.
