Connect with us

News

Kraken’s Vice President says inflow of ‘professional traders’ with ‘legitimate money’ could have spurred bullish trend

Avatar

Published

on

Kraken's Vice President says inflow of "professional traders" with "legitimate money" could have spurred bullish trend
Source: Pixabay

The crypto-winter brought the digital assets under tremendous pressure, with major coins losing most of their value. The bull run led by Bitcoin [BTC], recovered the altcoins’ market significantly. Many prominent analysts in the field have attributed the latest series of the bullish waves to institutional entries. However, according to Kraken’s Austin Alexander, there has been an inflow of “professional traders” into the crypto-world.

The Vice-President of the crypto-exchange asserted that there was an increase in “activity” and infusion of traders in the crypto space. A lot more “responsible kind of professional traders” have made a foray into the scene, infusing “legitimate money” with the space over the last six years even if it was “not from institutional traders”.

Speaking at the Magical Crypto Conference, 2019, trading panel, Austin Alexander said that the cryptocurrency exchanges were growing even as the pace was “milder” than the previous bull wave. Recalling the mass exodus of users during the period of December 2017 and January 2018, Alexander stated that there were probably no exchanges which had reached those number of users again. He, however, maintained that,

“.. but it’s coming and now we’re still growing. I think all the major exchanges are still growing. It’s not 50,000 sign ups a day any longer, but it’s still growing.”

When asked if there was a push towards focussing on institutional adoption versus retail, Kraken’s VP responded in the affirmative and said that there was infinite “slave money”, but there existed only 21 million Bitcoins. He said,

“.. in exchange, you know everybody should realize, do you want to be successful, you got to be on the supply side, first the slave money will come it’s my opinion.”





Subscribe to AMBCrypto’s Newsletter


News

Justin Sun on shaking down the Internet, Coin Metrics on Kin’s blockchain activity and more

Jibin M George

Published

on

Crypto News – 26 June

Bitcoin breaches new resistances: In a sensational run that saw the coin surge by 15% over 24 hours, the world’s largest cryptocurrency breached the $12,000 mark, while also briefly touching the $13,000 mark, before falling again

Read more at https://bit.ly/2ZMkS10

Tone Vays on Bitcoin’s biggest strength: Tone Vays opined that Bitcoin’s biggest strength was the fact that it was completely “unconfiscatable” and that one’s BTC is completely safe if it is protected and secured with attention

Read more at https://bit.ly/2RD2BjL

Tron Foundation launches new inititative: Justin Sun’s Tron Foundation announced a $20 million TRX buy-back plan to promote community activity and market stability

Read more at https://bit.ly/2X8aA9W

Joe Kernen on Bitcoin, Libra: The once crypto-skeptic, CNBC Squawk Box’s Joe Kernen is of the opinion that Libra is for corporations, while Bitcoin is for the people

Read more at https://bit.ly/31MkqSa

Bloomberg on JPM Coin: According to a report by Bloomberg, the Jaime Dimon-led institution plans to launch the JPM coin and use it for bond transactions

Read more at https://bit.ly/2X75DTr

Fundstrat report on stablecoins: According to a recent report by New York-based Fundstrat Global Advisors, the FS CryptoFX Stablecoin index fell by a whopping 21 percent against BTC, with Gemini outperforming Tether [USDT]

Read more at https://bit.ly/2X5qPJw

BitGo’s latest collaboration: Bitcoin IRA has announced that it will be teaming up with BitGo to launch crypto-retirement accounts insured for $100 million

Read more at https://bit.ly/31UvjBz

 





Subscribe to AMBCrypto’s Newsletter


Continue Reading