Coronavirus lock down boosts - page 2.

Assface16678

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That kind of adaptation will give more market profit to the market price of the bitcoin because according to OP there are a large number of people now registered in binance but the problem is they are going to use and buy a lot of bitcoin or there are other reasons why they use the trading platform. Still, there is a mass adoption on it and there is a chance those people want to save their money and use the bitcoin as the safe haven of investment.

Quote from: Rengga Jati on June 18, 2020, 08:37:38 AM

if we know facts about the increase of people involved in the crypto world (especially Bitcoin) during this pandemic, how can the government plan to ban crypto in their country? Let's read this good news:

Quote

Gleb Kostarev, head of the representative office of Binance in Russia, explained that the number of registrations on their platform during April 2020 was two times higher than in December of 2019.

In fact, the registrations are two times higher, so, what to be doubt about the crypto in that country?

As we know, several days ago, the Russian ministry slammed bill to ban crypto. Well, I think that they should hear what experts say, what exactly needed by the people in that country, not banning crypto.
https://news.bitcoin.com/russian-ministry-slams-bill-to-ban-crypto-easy-to-bypass-creates-black-market/

And related to the increasing number of people trading BTC in this pandemic, it can be the wisest, easiest, and also the worthiest thing to do. It is better, much better than going somewhere and risking fo the virus. The interest of the Russians in crypto has been since long time ago. many projects come from this country, many people are also growing significantly involved in the crypto world. Not only trading bitcoin but also other crypto activities.

Source:
https://cointelegraph.com/news/coronavirus-lockdown-boosts-bitcoin-trading-in-russia
https://news.bitcoin.com/russian-ministry-slams-bill-to-ban-crypto-easy-to-bypass-creates-black-market/

Even they used the platform still the volume of the market of the bitcoin will going to the binance because that is the platform they are using and some of the losses will go to their funds. If they will continue using bitcoin there is a chance of having a lot of projects because they already saw the benefits of the bitcoin that may use for improvement and faster transactions on their country.

Rengga Jati

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if we know facts about the increase of people involved in the crypto world (especially Bitcoin) during this pandemic, how can the government plan to ban crypto in their country? Let's read this good news:

Quote

Gleb Kostarev, head of the representative office of Binance in Russia, explained that the number of registrations on their platform during April 2020 was two times higher than in December of 2019.

In fact, the registrations are two times higher, so, what to be doubt about the crypto in that country?

As we know, several days ago, the Russian ministry slammed bill to ban crypto. Well, I think that they should hear what experts say, what exactly needed by the people in that country, not banning crypto.
https://news.bitcoin.com/russian-ministry-slams-bill-to-ban-crypto-easy-to-bypass-creates-black-market/

And related to the increasing number of people trading BTC in this pandemic, it can be the wisest, easiest, and also the worthiest thing to do. It is better, much better than going somewhere and risking fo the virus. The interest of the Russians in crypto has been since long time ago. many projects come from this country, many people are also growing significantly involved in the crypto world. Not only trading bitcoin but also other crypto activities.

Source:
https://cointelegraph.com/news/coronavirus-lockdown-boosts-bitcoin-trading-in-russia
https://news.bitcoin.com/russian-ministry-slams-bill-to-ban-crypto-easy-to-bypass-creates-black-market/

arwin100

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Quote from: Onuohakk on June 18, 2020, 05:01:58 AM

In spite of the lock down, and thousands of death caused by coronavirus in Russia. There has been a sharp increase in bitcoin trading volume across Russia. The number of registered users in Binance during April 2020 was two times higher than December of 2019.
Source: https://cointelegraph.com/news/coronavirus-lockdown-boosts-bitcoin-trading-in-russia

With this kind of development in Russia, are we to expect a big price movement not only in bitcoin but to altcoin generally

Not surprising at for the global lockdown happening in the world and all most all of the people have no job since the establishment is close for a while due to the threat of covid-19 for sure people will find ways to earn some money just to be used for their daily needs or they find another form just to make their earnings consistent that's why we see some great boost for the price of bitcoins compare to the past dump happening.

But I don't expect to see a big pump right now since we sti doesn't know if that increase creates demand since we don't know maybe some of new people are just curious on what is happening on crypto industry.

dothebeats

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People need something to make money with, and bitcoin is readily available to accomplish just that. However, even with a spike in trading volume and registered accounts on an exchange, I'm afraid that it wouldn't be enough to start something massive and sudden just like the 2017 bull run. It might be a precursor, yes, but with the state of things across the globe, this hope is immediately shut down. Most of them are trading for some profit--to cash out, and not necessarily invest long-term so I doubt there would be something that can be built on that, honestly.

bitcoinst

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The number of registrations does not mean that growth is waiting for us in the future.
It makes sense to focus on trading volumes which at Binance in May reached a record level of $ 16 billion.

By the way, such record volumes were already observed in 2018 when Bitcoin reached the mark of $ 20,000, volumes reached a record mark of $ 11

Binance continues to set records along with other major exchanges, and this is fine despite the static market for the last two months.

Jating

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Obviously, as people stay in their house and find ways to make money, perhaps they found out that crypto trading could potentially gave that to them. And as a result number of registered users skyrocketed, and I'm sure Binance is not the only one seeing this kind of growth.

However, it doesn't equate to the price increase per se, we don't know if they are mostly trading bitcoin or altcoin. And there could be people losing money as well, that's why the growth in users is not felt in price.

Reid

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Does the number of registered users in Binance tell how many people will buy bitcoin?
I don't think so. They could just be lurking around or they possibly trading altcoins.
How do you define Binance?
An exchange with a lot of altcoins registered. Right?
The article looks like they are just connecting dots.

nelson4lov

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I'm not convinced that this should be considered a boost. Currently, People are at home (and don't have remote jobs) desperate to get a means of survival as workplaces and firms are on a lockdown. It's not surprising to see people turning to online opportunities like trading digital currencies like Bitcoin in a bit to earn money. I'm curious though; if majority of these people got into bitcoin thinking the price would skyrocket real soon. What happens if it doesn't pump as they expect? Would they sell their coins on Binance and move on? In times like this, I'm more concerned about continuous and substantial growth in Bitcoin's metrics.

sunsilk

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It's a good news if they've got doubled the registered users since the compared month. The pandemic has made people to look for a way to trade while being at home and this is a positive news at least for me. But it doesn't mean that it will actually make the market into bull run together with the altcoins.

I'd like to absorb that the crypto traders or investors are becoming more this time and the impact might not be so quick to be seen. But in the long term, there will be.

so98nn

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This is supposed to happen since most of them are in the house and has nothing to do. Many of them are not getting salaries and some of them are getting paid half of the wages. I guess it is pretty sure thing most of them are now trying new ways of earning money. Then comes the bitcoin which is untouched by thousands of people due to no time or less trust on it.

As everyone is seeing bitcoin staying steady no matter with what the world is suffering, they think it's solid exchange deal.

I'm saying this based on multiple examples around my area. It's try your luck situation for many and have some sorta passive income.

kryptqnick

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Quote from: Onuohakk on June 18, 2020, 05:01:58 AM

In spite of the lock down, and thousands of death caused by coronavirus in Russia. There has been a sharp increase in bitcoin trading volume across Russia. The number of registered users in Binance during April 2020 was two times higher than December of 2019.
Source: https://cointelegraph.com/news/coronavirus-lockdown-boosts-bitcoin-trading-in-russia

With this kind of development in Russia, are we to expect a big price movement not only in bitcoin but to altcoin generally

I don't think it's surprising since during the lockdown people tend to spend more time online and trading cryptos might seem like an opportunity to earn money.
However, if it's just one country, it's not likely to make s difference on global scale. And with these small regular sell and buy orders it might indeed have little impact on the price, like mk4 pointed out. In any case, it's good that bitcoin is not being forgotten during these hard times and that more people are joining the market.

mk4

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Quote from: Onuohakk on June 18, 2020, 05:01:58 AM

With this kind of development in Russia, are we to expect a big price movement not only in bitcoin but to altcoin generally

More traders mostly means more market liquidity, but not necessarily big price movements whether in the upside or downside. That is, if we assume that most of them are in Binance to trade, not necessarily to buy and hold. I'd be more bullish if we're talking about platforms where people mostly buy(and not trade) like LocalBitcoins; as Binance is mostly an altcoin casino.

Onuohakk

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In spite of the lock down, and thousands of death caused by coronavirus in Russia. There has been a sharp increase in bitcoin trading volume across Russia. The number of registered users in Binance during April 2020 was two times higher than December of 2019.
Source: https://cointelegraph.com/news/coronavirus-lockdown-boosts-bitcoin-trading-in-russia

With this kind of development in Russia, are we to expect a big price movement not only in bitcoin but to altcoin generally

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