Bitbank Experienced a Surge in Registration Post Bitcoin's Meltdown
Japanese cryptocurrency exchange, Bitbank, registration spiked by 40% as investors rushed to make an account on the platform after bitcoin price experienced a meltdown.
Bitcoin came crashing down to this year low of 2020 on March 12 at $3,775. Yuva Hasegawa, Bitbank market analysis revealed in a blog that following the bitcoin blood bath, a significant surge was experienced both in volume and account registration. Even applications for the KYC procedure was more than usual during those days.
Hasegawa highlights and draws comparison to the bitcoin price tumbling in 2018 too. He stated during that "time interest in the crypto market as a whole went down and bit banks daily account registrations took a hit." However, Bitbank's analyst added that a 60% rebound was witnessed rather quickly and he sees that's due to the desire to dig in the dip and buy it is pretty conspicuous.
He states once we track the daily account registrations, the Myers clearly suggest that it is the retail investors which sparked some life into the dying bitcoin market and aided in its recovery. Forbes also reported that this is not just limited to Japan, and thinks it occurred globally, like Kraken, a top-notch exchange experienced significant numbers of registrations after the market meltdown March 12.
Bitbank Might Benefit Further From HalvingBitcoin's halving is knocking on the door, and it's just seven weeks away. The block reward will decrease to 6.25 BTC from the current 12.50, which happened in 2016.
Bitbank's Hasegawa writes that the people in Japan and all around the world are eagerly anticipating it and the possible inflicted it can have on the price. He believes people will grapes every opportunity of a price drop and added:
"There is a good chance that, for this time around, there are many retail investors who want to buy Bitcoin or stack their holdings at the cheapest price possible before its halving."You May Also Read.
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About The Author
Zain RazaZain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.
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