Increase in trading volume in Binance due to quarantine
Binance US CEO Catherine Coley revealed during an interview with Bloomberg on March 16 that they have noticed an increase in trading volume coming from Asian users during the crownvirus pandemic quarantine.
Quarantine powers cryptocurrency trading
Binance US CEO Catherine Coley revealed during an interview with Bloomberg on March 16 that they have noticed an increase in trading volume coming from Asian users during the crownvirus pandemic quarantine. Coley claims that the correlation between Bitcoin and the S&P 500 is because the crisis has sparked a widespread panic that not even "safe" assets like gold and silver escape. During the interview, Coley explained: "In the regular traditional asset classes, like in Bitcoin, you are seeing that complacency in the market turns into a crisis, creating panic. That is going to generate sales across the board."
The cryptocurrency market is based on technology that can be traded 24 hours a day, 7 days a week, and this makes the crypto market impervious to the "supply chain problems we are seeing in stocks nationwide "(Coley). Before the pandemic broke out, Bitcoin had shown some signs of behaving as an active "refuge" in the face of certain moments of global uncertainty, as happened with the assassination of the Iranian general, Soleimani. However, after the big dips, many were disappointed to perceive that Bitcoin is being perceived by investors as a risky asset. Coley says: "I think the markets are still trying to figure out what exactly 'safe haven' means."
Binance US has steadily increased the number of crypto assets listed on its platform since its launch. Cryptocurrencies such as Tezos (XTZ) and USD Coin (USDC) are already available on the platform intended for users in the United States. Considering the increase in trading volume from Asia due to quarantine, Coley expects the same to happen in the United States.