BananaTalk Global AMA with Shadi Abdou, Chief Technology Analyst at Wisebitcoin
Disclaimer: The text below is a press release that was not written by Cryptonews.com.
Shadi Abdou is the Chief Technology Analyst at Wisebitcoin, a British cryptocurrency exchange. He has over 15 years of experience working in the forex market as a trader, investor, and analyst. He has also spent a considerable amount of time nurturing talent in the industry by teaching trading strategies. He is a widely recognized authority on trade and investment, and he recently spoke with BananaTalk to discuss trends and developments in the crypto space. Below are excerpts from the conversation.
Wisebitcoin is a subsidiary of Land-FX, a global financial group headquartered in the UK. The platform is now establishing itself as the premier provider of digital asset trading services for customers around the world, such as spot/futures trading and trading in leveraged ETFs up to 100X.
Bitcoin Price Volatility
Bitcoin has undergone unusual price swings over the past several months, from a meteoric rise to 60,000 USD in April to a sudden downward pullback to below 30,000 USD in June.
During this time, the cryptocurrency market has been nothing short of chaotic, with both good news and bad coming from all corners, such as the Chinese mining ban, the Korea Special Provisions Act, and the listing of the world’s first Bitcoin ETF on the Toronto Stock Exchange.
My thoughts are that the market is still in its infancy, so this is all part of the process, and the market will grow slowly and gradually.
Regulations and Policies to Watch For
Amidst the chaos, there are certain regulatory policies that cryptocurrency investors should pay particular attention to. For example, in April, Coinbase was listed on the Nasdaq, and since this was the first time that a cryptocurrency exchange entered the system, the price of Bitcoin rose considerably.
However, there are countries with stricter crypto regulations than the US, such as Korea and China. South Korea's new laws and China's cryptocurrency mining bans have harmed the overall market, and major Chinese banks and Alipay have also posted notices banning cryptocurrency transactions. Traders should watch for price movements based on such policies and developments and take appropriate countermeasures.
The Global View of the Crypto Market
The view of global investors on the industry is also changing. While there have always been optimists and pessimists, more and more people are starting to view this space optimistically. There is more and more institutional adoption and interest, such as with JP Morgan’s crypto basket offering and Visa and PayPal have also started to lay the groundwork for integrating cryptocurrencies on their platforms. Even in government, we’ve seen US Republican Senator Cynthia Loomis and F2Pool co-founder Chun Wang saying they are interested in buying BTC, so there seems to be a positive attitude in the market.
Institutional Interest: Processes and Impacts
On the point of institutional entry to cryptos, this phenomenon will bring stability and practicality to the crypto space as institutional inflows continue and DeFi applications mature and use cases are developed.
The factors that institutional investors consider the most important when trading cryptocurrencies are whether the investment target is a reliable asset and whether it has sufficient liquidity. Based on these criteria, more interest has developed now than during the ICO craze of 2017.
Institutional investors primarily build their portfolios around major cryptocurrencies such as Bitcoin and Ethereum, and they are now also investing in high-growth Defi and NFT projects to increase their returns. In particular, in the case of Ethereum, it has the stability of major cryptocurrencies as well as use cases from many DeFi and NFT projects, so it is a cryptocurrency that institutional investors on Wall Street pay particular attention to.
Regarding ETFs, many investors right now are paying attention to ETFs, including the industry figures mentioned above, and many general investors are participating as well. Wisebitcoin provides leveraged ETF products for cryptocurrencies that are attracting attention in the market, such as Bitcoin and Ethereum, as well as Compound and Engine.
Wisebitcoin’s ETFs can be traded with 3X leverage on the spot market, so in a bull market, you can achieve higher trading returns, and in a bear market, you can maximize your profit by betting on a decline. For those who are unfamiliar with ETFs, Wisebitcoin provides detailed guides for making these types of trades.
Learn more about Wisebitcoin’s services and how its cloud network of over 280 global exchanges facilitates fast, low-cost, and high liquidity trades by visiting https://www.wisebitcoin.com/.