Bitcoin Trading Volume Surges: Retail Traders Pick A Side

Zinger Key Points
  • Amid crypto rout, 95% of Coinbase's Bitcoin traders are buying.
  • MicroStrategy founder says the company is buying Bitcoin at every dip.
Bitcoin Trading Volume Surges: Retail Traders Pick A Side

Amid the chaos which wiped out more than $100 billion dollars overnight from the cryptocurrency market, there was an epic fall in the price of Bitcoin BTC/USD, which made a low of $15,742 on Wednesday. According to a report, 95% of Coinbase Global Inc COIN users are buying the world’s largest digital currency.

“Currently, 95% of Coinbase users are buying Bitcoin. In other words, 95% of Coinbase customers have increased their net position in Bitcoin over the past 24 hours through trading,” the report stated.

Bitcoin is trading up nearly 4% around $17,800 levels, over the past 24 hours, at the time of writing.

Continue To Buy Bitcoin Dips: MicroStrategy Founder

Meanwhile, MicroStrategy Inc MSTR founder and the company’s Executive Chairman Michael Saylor said the company’s strategy to continue buying Bitcoin dips had paid off for the shareholders and the company’s stock was up 38% as of yesterday’s close.

Also Read: With Bitcoin, Ether And Altcoins Drowning In A Sea Of Blood, Can Investors Hope To Catch A Falling Knife?

He further said that while the S&P was down 12%, NASDAQ lost 6%, gold was down 16% and bonds were down by 21%, MicroStrategy's performance beat every big tech company.

“We beat Apple, Google, Microsoft, Amazon and Netflix. And so, yes, it is a roller coaster. But our shareholders are winning and we are going to stick with that strategy because it's working for us. And our conviction is steadfast,” Saylor said, speaking with CNBC.

Earlier this year, on Benzinga Live, Saylor said, "If you try to time the market, you are going to be very frustrated,” and that his company just had one strategy — to buy and hold Bitcoin.

Coinbase CEO Slams SEC

Coinbase CEO Brian Armstrong meanwhile hit out at the Securities and Exchange Commission (SEC) for failing to create regulatory clarity, due to which 95% of trading activity had gone offshore.

“FTX.com was an offshore exchange not regulated by the SEC. The problem is that the SEC failed to create regulatory clarity here in the U.S., so many American investors (and 95% of trading activity) went offshore. Punishing U.S. companies for this makes no sense,” he tweeted.

Armstrong was disappointed that U.S. regulators and politicians, such as Sen. Elizabeth Warren, want to punish FTX.US along with other U.S. crypto companies such as Coinbase and Binance.US in the wake of the FTX crisis.

Next: FTX Used Customer Funds To Fund Risky Bets, Leading To Its Downfall: Report

Photo: ADragan via Shutterstock

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