It seems that demand for Bitcoin has not declined, even with the cryptocurrency market in a bearish trend. According to Yoni Assia, CEO of the trading platform eToro, the current correction is healthy for the virtual currency world and the future growth of the market.
eToro’s CEO Bullish on Bitcoin
Since December 2017, Bitcoin (BTC) moved from $20,000 dollars to $5850 some months later, finding that number as a strong support level.
However, Bitcoin and other virtual currencies remain as demanded assets even after this strong correction in price.
On the matter, Mr. Assia commented:
“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.”
Moreover, Assia said that according to the eToro data, demand for Bitcoin will not slow down going forward either.
This is quite surprising if we have a look at the Bitcoin term in Google Trends. Since June, interest for Bitcoin ranges between 9 and 12 (100 is the maximum). The countries that show the highest interest in Bitcoin (BTC) are South Africa – with a score of 100 points – Slovenia (79) and Netherlands (78).
Most cryptocurrency experts and analysts were not expecting such a drastic drop in the virtual currency market. Indeed, they believed that during the second part of the year, the crypto market was going to experience a substantial increase.
There were several positive new stories in the crypto world that did not have a big impact on the price of Bitcoin and other digital coins. One, for instance, was the recent Intercontinental Exchange (ICE) announcement to create Bakkt, a trading platform and company designed for digital assets.
Of course, this news as often offset with disappointments like the decision taken by the U.S. Securities and Exchange Commission (SEC) regarding the approval of a Bitcoin exchange traded fund (ETF).
“The potential of blockchain technology is becoming increasingly clear to governments and financial institutions worldwide, as we have seen in recent attempts to incorporate this technology into their existing structures,” commented Assia.
Joseph Lubin, Ethereum’s co-founder has also commented positively about virtual currencies amid the bear market. He mentioned that the recent drop will not affect the long-term growth of the whole market. In addition, he said that volatility in crypto prices does not have an effect on adoption and development.
At the moment of writing this article, Bitcoin is being traded above $6,400 dollars and has a market capitalization of $112 billion dollars.