If someone can tell the community what’s happening with Bitcoin Trading it definitely has to be a broker or exchange. And that’s why the comment from eToro is promising as it says there is a consistent rise in demand for cryptocurrency trading despite dwindling prices and persistent bear market.
Retail investors driving demand
In a recent interview, eToro CEO Yoni Assia said that the trading platform had seen consistent demand in recent months from retail investors for Bitcoin and other cryptocurrencies. Assia, who oversees one of the biggest online trading platforms in the global finance sector with more than 8 million users, said that market correction was necessary in order for the crypto market and industry to mature, establishing a foundation for future rallies. He emphasized that the demand for Bitcoin and cryptocurrencies as an emerging asset class has not declined even after the 78 percent correction in the valuation of the crypto market.
Assia said to NewsBTC in an exclusive interview
“In our view, the recent market correction is good for the long-term development of the market. Cryptoassets are still a relatively nascent market; emerging technologies like this often see swings in their value in the early days. Market adjustments like those we have experienced recently help to stabilize prices and make the industry more robust. Despite these adjustments, however, we have not seen a significant dip in demand for digital assets.”
“As the market matures, more investors are expanding their portfolios to include cryptos, while new investors are opening portfolios to trade crypto assets. We do not expect this demand to slow down any time soon, as more people recognize the potential of crypto assets,” Assia stated.
Matt Greenspan had analyzed the impressive demand for Bitcoin on eToro a couple of days back.
This chart is sensational…
— Mati Greenspan (@MatiGreenspan) August 20, 2018
The market is maturing and market structure looks better new
Cryptocurrencies price rises have bought it into the limelight. Although the price fizzled out, the mainstream attention continued and that’s how more and more people started gaining interest in this nascent technology. Bitcoin, which was initially used only by criminals or people in the dark web, is slowly gaining traction into real life business as its use case is increasing. The same was echoed by Drug Enforcement Administration special agent Lilita Infante, who said blockchain data showed criminal activity was behind about 90 percent of transactions in the cryptocurrency. Now, illegal activity has shrunk to about 10 percent. The market is also shown signs of maturing as all major projects have shown development and awareness for cryptocurrencies has grown multifold.
With growing BTC interest and so much media coverage, everyone wants to have a piece of cryptocurrency and dropping prices have just aided the retail buying. As more and more people get into the industry the market will definitely swell and will make new highs
Will BTC interest continue to rise or will it fizzle out? Do let us know your views on the same.
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Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.