Major Exchange CEO: Despite Correction, Demand For Bitcoin Has Not Declined
Yoni Assia, the CEO of major multi-asset trading platform eToro, has said that the correction of Bitcoin is positive for the long-term health and growth of the crypto market.
Throughout August, Bitcoin recorded its third major correction in 2018, as its price fell from $8,500 to $5,850. But, shortly after dipping below the important $6,000 support level, the dominant cryptocurrency recovered relatively quickly to mid-$6,000. In an exclusive interview with NewsBTC, Assia, who oversees one of the biggest online trading platforms in the global finance sector with more than 8 million users, said that market correction was necessary in order for the crypto market and industry to mature, establishing a foundation for future rallies.He emphasized that the demand for Bitcoin and cryptocurrencies as an emerging asset class has not declined even after the 78 percent correction in the valuation of the crypto market. Assia said:“In our view, the recent market correction is good for the long-term development of the market. Cryptoassets are still a relatively nascent market; emerging technologies like this often see swings in their value in the early days. Market adjustments like those we have experienced recently help to stabilize prices, and make the industry more robust. Despite these adjustments, however, we have not seen a significant dip in demand for digital assets.”