Cryptocurrency trading platforms report a spike in activity from rich wholesale investors even as the in value of global digital assets tanks by US$1 trillion.
Cryptocurrency trading platforms report a spike in activity from self-managed superannuation funds and rich wholesale investors even as the value of global digital assets tanked by $US1 trillion .
More broadly, the global value of digital assets has dropped from $US3 trillion to about $US2 trillion since November, as investors bailed on the volatile but lucrative market.But Bamboo chief operating officer Tracey Plowman said the price drop has only enticed more sophisticated investors.“Many of our users have seen this market dip once or twice before when investing in crypto, so we’ve seen a fair bit of confidence from our user base despite the recent downtrend,” she said.
“By that I mean there is a visible reduction in the number of bitcoin holders looking to sell and a swing towards investors looking to buy,” BTC Markets chief executive Caroline Bowler said. “This indicates a market belief that bitcoin is considered undervalued at the moment by sellers and potentially a bargain, by buyers.”A survey of crypto investors by BTC Markets last year found 28 per cent view crypto assets as a diversified exposure to hold in portfolios for the long term.
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