After cryptocurrency prices skyrockets last year, it’s no wonder one in five financial organisations are considering cryptocurrency trading within the next 12 months.
The demand was through the roof in late 2017 with many cryptocurrency exchanges forced to close sign ups for new users. Even Coinbase, USA’s most popular exchange experienced downtime after reportedly getting around 100,000 new sign ups ever day, even becoming the most downloaded app on Apple’s App store!
Binance is one of the youngest cryptocurrency exchanges and is already reportedly making around $200 Million per quarter after less than 12 months of trading!
With those kinds of profit being recorded, it’s no wonder many financial organisations are looking seriously into trading the valuable digital assets.
One in Five financial institutions considering cryptocurrency trading
The survey covered more than 400 clients across Thomson Reuters Corp TRI.O (TRI.N) platforms including large asset managers, hedge funds and trading desks at the biggest banks. Thomson Reuters, the parent company of Reuters, provides data and news to the financial services industry.
Among those respondents who said they were willing to trade cryptocurrencies like bitcoin, the best known of the digital coins, 70 percent said they were planning to start trading in the next three to six months, the survey showed.
Although the cryptocurrency prices have taken a down turn in the first quarter of 2018, the market seems to be following a familiar trend which has repeated most years since Bitcoin first started trading in 2010.
We analysed the Bitcoin price over the past 8 years and found a very familiar pattern and accurately worked out that on average the price is highest in December, and lowest in February, even working out the best and worst day to own Bitcoin.
Financial organisations are clearly speculating over the fact that the cryptocurrency markets could see intense periods of increased demand once again, just like the end of most years.
There’s a very real chance that the cryptocurrency markets will increase significantly more, and there’s still time to get in and make some money from those hungry for cryptocurrency!