In the absence of a proper security layer and multiple new regulations enforced by the state, the BTC sentiments have been on a downward spiral in some of the top exchanges like Bitfinex, Coinbase, Binance, and Okex. These are some of the top cryptocurrency exchanges that are operating by volume. Okex has the most BTC trading by volume with over 2,40,000 BTC that shrunk to 1,98,000 BTC as we write this. Bitmex has also gotten into big legal trouble with the US government and the after-effects are plausible with the exchange losing 49.55% of BTC reserves ever since June 30. Similar has been the case with Binance and Kucoin that have also witnessed a significant slump in their BTC trading. Buy Bitcoin sentiments have gradually withered from these exchanges but that doesn’t mean that BTC has been left out of the market.
In recent developments, BTC has been skyrocketing at US$11,500 up from US$ 7,000 due to China and other countries in South America and Africa advocating Bitcoin-based payments and small payments powered by the lightning network in BTC. The prime reason for the fall of BTC from the cold wallets at some of the top exchanges was because of the legal regulations that they failed to abide by and multiple hacks that have siphoned up a significant amount of BTC from the wallets of the traders. In the recent chain of events, Okex has been finding itself in hot waters after one of its founders has forcefully obstructed the withdrawal of BTC from their exchange.
This could be a good opportunity for other stock market franchise business exchanges to flourish since the sentiments around BTC have rather improved than exacerbated even after such happenings lately. It might be surprising but despite all the upheavals, BTC has been supported by the community with their prices again jumping above the US$11,000 mark. The only concern for the investors is to find out a trustworthy exchange for trading since BTC has been resilient to the US-China Trade War, uncertainty in the Middle East, or a considerable fall in the petrol prices. With that said, most of the investors have been optimistic about the decentralized nature of BTC and its ability to end up as a gold standard for investment. Other top exchanges could well capitalize upon these sentiments to provide a full proof solution since investment has risen lately in BTC during the prevailing CoronaVirus pandemic.
PCEX Member, an emerging cryptocurrency exchange in India has worked upon the security challenges that investors face at other exchanges with five-layer security, and the recent ruling by the Government of India (G-o-I) to legalize BTC and other cryptocurrencies set-up a precedent for the crypto- market to mature and flourish in India.