The digital growth and development of cryptocurrency trading
Every financial year ends with witnessing the growth of cryptocurrencies, it continues this year too. We are able to see that the trading and investing with cryptocurrencies are getting radical growth in digital finance space after the huge bitcoin fork.
Let us have some digital snips about the growth of cryptocurrencies.
Cryptocurrencies are becoming harder to ignore!
The popular American multinational financial institution Goldman Sachs left's a statement about cryptocurrencies, that the ecosystem is getting harder to ignore. The institution councils the institutional investors to take a closer look on cryptocurrencies.
Boroujerdi, A leading analyst of the Goldman's team, states that "The total investment value on cryptocurrencies has reached $120 billion and $2 billion in 2017 alone, Which is a greater value than angel investing and seed funding."
The trading volume of cryptocurrencies set to exceed Apple stock!
Average trading volume of cryptocurrencies is about $3bn/per day it is quite less than Apple stock which has a trading volume of $4bn/Perday.
Jens Norvig, a stock market strategist said to CNBC, that the trading volume of cryptocurrencies will soon exceed the Apple stock's trading volume. You may think that cryptocurrencies and apple stocks are different asset classes, but it will be a great achievement for cryptocurrencies if it happens.
Is there is any proof that it could happen? Absolutely, we have a proof that bitcoin's market cap has overtaken the paypal's total market cap in August 2017.
Countries adoption of bitcoin as legal continues to grow!
One more country is now added to the list of countries who adopts bitcoin as legal.
The official of Malaysian central bank, that the"BNM will come up with a guidelines of cryptocurrency this year end."
In 2016, the Malaysian government has faced a serious issue that the national currency has devaluated and declined by 2% against US dollar. So as a temporary solution BNM(Bank Negara Malaysia) and commercial banks imposed a strict capital control and prohibit the offshore trading.
Due to this reason, expat workers in Malaysia were struggled to send money to their families overseas for the last 10 months. But the legalization of bitcoin could help them to mover their money efficiently.
What exchanges are doing after seeing the growth of cryptocurrencies?
By seeing the huge growth of cryptocurrencies, Many bitcoin exchanges are updating themselves in order to deliver a proper solution to the traders and to provide a good customer support.
Coinbase now enables a live phone support to improve their customer services An article about the coinbase upgrade has been explained recently in crypto coin news.
These massive changes in cryptocurrency industry are giving us a strong proof that the digital era would never end without the leading role of cryptocurrency.
So if you are looking to enter in this crypto world, better take a business idea and bang the industry.