The CEO of the major multi-asset trading platform eToro, Yoni Assia, recently stated that the correction of Bitcoin is positive for the health and growth of the crypto market – despite the recent drop.
Meanwhile, Bitcoin recorded its third major correction in 2018 which saw the price falling from $8,500 to $5,850. Currently, Bitcoin is breaking the $6,500 resistance level and is still holding onto its support level of $6,000, according to analysts.
In an interview with NewsBTC, Assia said that the market correction is in order for the crypto market to mature, establishing a foundation for potential rallies in the future. He also pointed to the demand for Bitcoin and cryptocurrencies which has not declined even after the 78% correction of the crypto market.
As 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. 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.”
Assia also added that the demand for Bitcoin will not slow down in the near future, based on the data pulled from the eToro trading platform:
“As the market matures, more investors are expanding their portfolios to include cryptos, while new investors are opening portfolios to trade crypto assets. We do not expect this demand to slow down any time soon, as more people recognize the potential of crypto assets.”
On top of this, he also explained the potential of the blockchain technology and how it aligns with the potential growth of the crypto market, stating:
“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. We also know that institutional investors are waiting for regulatory clarity to move from the side-lines to the centre of the playing field. As we see developments move forward in these areas, we expect the price of Bitcoin and other cryptoassets to climb higher, though we may see some volatility as investors respond to short-term market news.”
Right now, Bitcoin is stable, circulating around the $6,500 level.
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