In the face of the market capitalization’s nine-month low, the CEO of multi-asset trading giant eToro has spoken positively about the mid-year correction and maintains that demand for Bitcoin has not declined.

Making the comments in an exclusive interview with NewsBTC, Yoni Assia suggested that Bitcoin’s current bearish tone will lay the foundation for long-term growth across the cryptocurrency market. He stated:

“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.”

Related Article: Despite Recent Market Downturn, Coinbase CEO Brian Armstrong Remains Bullish

Assia’s views have been echoed by a number of leading exchanges, many of whom have forecasted a more utopian market despite the recent downturn.

Earlier this month, Coinbase CEO Brian Armstrong explained current price action as a “series of bubbles and corrections.” In Assia’s eyes, such cycles appear to bring about more favorable market conditions. The eToro executive explained:

“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.”

eToro—which offers various assets including stocks, commodities, ETFs and cryptocurrencies to purportedly more than 6 million traders—appears to be catering to an increased appetite for crypto-assets, having just upped its number of tradable tokens to 12 with the addition of IOTA:

Related Article: eToro Adds IOTA (MIOTA) to Its Crypto Trading Platform

The transnational corporation has also released an unabashedly bullish research report on Litecoin, in which it describes LTC, the seventh-largest cryptocurrency by market capitalization, as being at a “massive discount to what it should be worth.”

Despite the market’s decidedly lackluster tone, eToro’s apparently bullish backing of cryptocurrency may read that changes are afoot. To many, a multi-asset trading platform such as eToro will represent the proverbial tip of the iceberg; the steady migration of capital from traditional, multi-trillion-dollar investment vehicles into cryptocurrency.

Cover Photo by Jonathan Bell on Unsplash

Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

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Jonnie Emsley

Jonnie Emsley is a freelance writer and blockchain enthusiast based in Ho Chi Minh City, Vietnam. Discovering new corners of Southeast Asia and emerging cryptocurrencies give him a buzz like none other.

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