fbpx
  • Topics
    • AI & Big Data
    • AR & VR
    • Blockchain
    • Clean Technology
    • Content & Games
    • Cybersecurity
    • Enterprise & SaaS
    • Gadgets & Electronics
    • Health & Bio
    • FinTech
    • IoT
    • Transportation & Logistics
    • Marketplaces & E-commerce
    • Ecosystem
    • Robotics
    • Investments
    • EdTech
    • Featured
  • Deals
    • Private Equity
    • Venture Capital
    • IPO & Markets
  • Interviews
    • Startup Investing
    • Fundraising
    • Product Launching
  • MORE
    • Events
    • Startups Advice
  • Submit an Article
  • REGISTER
  • login
No Result
View All Result
No Result
View All Result
Home Blockchain

Zipmex warns of looming economic recession, predicts crypto rebound in 2025

Team AsiaTechDaily by Team AsiaTechDaily
27 January 2023
in Blockchain
0
ZIpmex
9
SHARES
Share on FacebookShare on Twitter
Bookmark (0)

Please login to bookmark

No account yet? Register

The possibility of an economic recession this year is expected to cause delays in the recovery of the digital assets industry by at least a year or in 2025 yet.

A source from the Asian crypto exchange Zipmex, however, said that the recent surge in prices could only be short-lived.

“I believe the increase will only last for a short time. Investors who bought Bitcoin at a low price can take profit now and hold cash as a recession is looming. We don’t know what is going to happen, but if the recession is serious, its is better keep cash to spend for necessities,” said the source, who requested anonymity.

The source from Zipmex said that digital assets normally follow a four-year-cycle. But the rebound in the crypto market could be pushed back from 2024 to 2025 if a recession occurs.

According to the same source, the industry this year is somewhat similar to last year, with a recovery projected in 2024. But some changes are inevitable if a recession happens, which is very likely.

When there is a recession, people would normally have lower purchasing power. This means that they will have less money to trade or invest.

Given this kind of a scenario, the source said that delays in the recovery of digital assets may be expected in 2025 yet.

Meanwhile, Zipmex Thailand, which has Singapore’s Zipmez Asia Pte as a major shareholder, has been facing scrutiny in the past six months after Babel Finance, a Hong Kong-based crypto lender, was found to have lost roughly $280 million worth of Bitcoin and other tokens through failed proprietary trading of customers’ assets.

The company hired Babel Finance to operate and manage the investment.

The controversy has affected withdrawals made from Bangkok-based exchange’s ZipUp and ZipUp+ programmes.

Both programmes, that were offered since October 2020, allow customers to earn returns on their tokens.
A probe is now being conducted by the Thai Securities and Exchange Commission to determine if Zimpax also breached local rules in offering certain digital assets products.

News reports hinted that the crypto exchange could be taken over by V Ventures, a subsidiary Thoresen Thai Agencies Plc, for $100 million.

The source from Zipmex said prices rose steeply and quickly from $17, 000 to $23, 000 in the past two weeks, which came as a surprise because none of the economic indicators have changed.

Both inflation and interest rates remain at a high level, the source added.

Tags: Zipmex
Previous Post

Shift4Good raises $4.35M from transport firm ComfortDelGro

Next Post

Grab appoints Philipp Kandal as Chief Product Officer

Related Posts

edit post
DigiFT
Blockchain

Digital asset exchange DigiFT scores $10.5m in Shanda-led funding

February 28, 2023
edit post
MYEG
Blockchain

Blockchain Founders Fund makes final close of $75m venture fund

February 28, 2023
edit post
MYEG
Blockchain

China partners with Malaysia for Xinghuo-Zetrix blockchain research

February 20, 2023
edit post
Bynder
Blockchain

Bynder receives majority investment from Thomas H. Lee Partners to continue product innovation

January 3, 2023
edit post
TradeDog
Blockchain

Dubai-based TD VC launches $100m Web3 ‘special situation’ fund

January 1, 2023
edit post
MYEG
Blockchain

Blocknative raises $15m to scale its block building infrastructure

December 28, 2022
Next Post
edit post
Grab Kandal

Grab appoints Philipp Kandal as Chief Product Officer

Discussion about this post

No Result
View All Result

Follow Us

FREE NEWSLETTER




Copyright © 2023 AsiaTechDaily.com| About Us | Seed accelerator| Terms of Use| Privacy Policy| Cookie Policy Contact : [email protected] | DMCA.com Protection Status | trusted by Wimgo

No Result
View All Result
  • Topics
    • AI & Big Data
    • AR & VR
    • Blockchain
    • Clean Technology
    • Content & Games
    • Cybersecurity
    • Enterprise & SaaS
    • Gadgets & Electronics
    • Health & Bio
    • FinTech
    • IoT
    • Transportation & Logistics
    • Ecosystem
    • Marketplaces & E-commerce
    • Robotics
    • Investments
    • Featured
  • Deals
    • Private Equity
    • Venture Capital
    • IPO & Markets
  • Interviews
    • Startup Investing
    • Fundraising
    • Product Launching
  • MORE
    • Events
    • Startups Advice
  • Submit an Article
  • Forums
  • Jobs
  • REGISTER
  • Login

Copyright © 2023 AsiaTechDaily.com| About Us | Seed accelerator| Terms of Use| Privacy Policy| Cookie Policy Contact : [email protected] | DMCA.com Protection Status | trusted by Wimgo

We hope you enjoy our content, May you please give us Feedback regarding our website!

Single Post Feedback