The current crash can be seen as an opportunity for digital assets to take deeper roots. Swiss crypto-firms are nevertheless mindful not to let loose in a big way while a recession seems imminent.
For crypto-traders, the current upheaval that has taken hold of the markets may seem moderate by comparison – they have seen much worse. Bitcoin for example in 2017 surged beyond the $20,000 mark, before it crashed during the crypto winter of 2018. Over the past 12 months, the coin has traded between $13,800 and $3,800 – within a wide range to say the least.
Since early this week, Bitcoin has dropped some 8 percent of its value, which, by comparison, is negligible.
Shock to the System
«We're not the ones uncomfortable with the volatility today,» a crypto-trader was quoted as saying by «Coindesk». Prominent exponents of the Swiss crypto-industry are equally equanimous. While the first shock also impacted the crypto-business, the future will now show whether the different asset classes indeed are uncorrelated to a major extent, said Mathias Imbach (pictured below), in an interview with finews.com.
The co-founder of Sygnum, a crypto-bank active in Switzerland and Singapore, said he was constantly onboarding new clients.
Doing Brisk Business
Bitcoin Suisse, the country’s biggest crypto-broker also witnesses renewed activity. It expects to receive a banking license sometime this year. Trading with Bitcoin Suisse surged in recent days and buy-orders reached 81 percent.
«We see an increase in demand for Bitcoin, as clients are taking the current price level as an opportunity for a market entry,» said a spokesman.
Still, a lot is at stake in coming months. Time will tell whether digital assets act as safe havens in times of crises and whether the growth plans of the industry withstand the storm.
Bitcoin the New Gold?
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