- Coinbase has said that there was a significant spike on its bitcoin purchase volume on the 12th of March following the downturn.
- When you compare it to the average numbers over the past 12 months, the total traded volume on the platform jumped six times.
One of the biggest cryptocurrency platforms in the industry and all across the world, Coinbase has said that there was a significant spike on its bitcoin purchase volume on the 12th of March just following the market downturn.
Coinbase released a report recently where they said a lot of the customers on the platform took advantage of the slump in value for the king coin and bought into the market due to the price drop. The platform further described at the trading activity was record-breaking at the time.
When you compare it to the average numbers over the past 12 months, the total traded volume on the platform jumped six times with a 3X jump in trading and doubled in terms of its regular users.
On top of this, even though there was a lot more activity with other cryptocurrencies such as XRP and ETH, bitcoin was the standout digital asset. Cording to the report, purchases in bitcoin increased 7% from 60%.
When you look at other financial markets, this development is specifically intriguing. With the worldwide pandemic of the coronavirus taking over the world, it has had such an impact on markets that most of them are still in freefall.
The Federal Reserve in the United States has said that it will be putting a lot more money into the market in an attempt to calm its citizens. But when it comes to dealing with investors and traders, this hasn’t done a whole lot.
It will be interesting to see how this plays out. For more news on this, the Bitcoin Price and other crypto updates, keep it with CryptoDaily!