Bitcoin Trading Volume Rise: Retail Traders Pick a Side – Bitcoin (BTC/USD), Coinbase Global (NASDAQ:COIN)
Amid the chaos that wiped out more than $100 billion overnight from the cryptocurrency market, there was an epic drop in the price of Bitcoin BTC/USD, which hit a low of $15,742 on Wednesday. According to a report, 95% of Coinbase Global Inc COIN users buy the world’s largest digital currency.
“Currently, 95% of Coinbase users buy Bitcoin. In other words, 95% of Coinbase customers have increased their net position in Bitcoin in the last 24 hours through trading,” the report said.
Bitcoin has traded up almost 4% around $17,800 levels, over the past 24 hours, at the time of writing.
Continue to buy Bitcoin Dips: MicroStrategy Founder
Meanwhile, MicroStrategy Inc MSTR founder and the company’s managing chairman Michael Saylor said the company’s strategy of continuing to buy Bitcoin dips had paid off for shareholders, and the company’s stock was up 38% at yesterday’s close.
Also Read: With Bitcoin, Ether and Altcoins Drowning in a Sea of Blood, Can Investors Hope to Catch a Falling Knife?
He went on to say that while the S&P fell 12%, the NASDAQ lost 6%, gold fell 16% and bonds fell 21%, MicroStrategy’s performance beat all major technology companies.
“We beat Apple, Google, Microsoft, Amazon and Netflix. And so, yes, it’s a roller coaster ride. But our shareholders are winning, and we’re going to stick with that strategy because it works for us. And our conviction is steadfast,” said Saylor, speaks with CNBC.
Earlier this year, on Benzinga Live, Saylor said, “If you try to time the market, you’re going to get very frustrated,” and that his company had only one strategy — to buy and hold Bitcoin.
Coinbase CEO slams SEC
Coin base CEO Brian Armstrong meanwhile lashed out at the Securities and Exchange Commission (SEC) for not creating regulatory clarity, due to which 95% of trading activity had gone offshore.
“FTX.com was an offshore exchange that is not regulated by the SEC. The problem is that the SEC failed to create regulatory clarity here in the US, so many US investors (and 95% of trading activity) went offshore. Punishing US companies for this makes no sense, he says tweeted.
Armstrong was disappointed that US regulators and politicians, such as Senator Elizabeth Warren, want to punish FTX.US along with other US crypto companies such as Coinbase and Binance.US in the wake of the FTX crisis.
Next: FTX used customer funds to fund risky bets, leading to its downfall: Report
Photo: ADragan via Shutterstock
