Exchanges Cut Their Profits for Growth in BTC Bear Market

Exchanges Cut Their Profits for Growth in BTC Bear Market

REUTERS            Mon Oct 21, 2019

Bitcoin may have entered a bear market as BTC prices depreciate to a new low in 6 months…

October 21, 2019 —

Bitcoin may have entered a bear market as BTC prices depreciate to a new low in 6 months.
The price of bitcoin dropped as low as $7.942.22 at 3:15 p.m. EDT, only slightly higher than the recent low Oct. 7 of $7,853.69. by the end of Oct 19th, 2019, it was still wandering below $8000, no sign of recovering.

The downward pressure was triggered around Sept. 24 when bitcoin dropped below its then major support level around $9,000. No recovery has been found then.

BTC May Enter a Bear Market
According to Chief Analyst David Thompson in KAI YUEN Asset Management, if BTC investors could push its prices up past a key resistance level, the bull market could be back on. If not, BTC may fall deeper to find a new low,which means the bear market is the inevitable end.

David is not the only expert predicting a depreciation in BTC market.

Isabella Davis, Chief Investment Officer in BEX500, a rapid-expanding crypto margin exchange expressed the same concern.

“It is all about trading volume”, Isabella explained, Volume is a remarkable feature of the bear market. Data from BEX500 Research Center shows that the volume of bitcoin is currently sitting near its lowest level in six months, even lower than the second week of September.

“if volumes still stay quite low, you will see short positions galvanize to keep pushing prices lower until they hit new resistance.” Isabella told Reuters.

Exchanges Give Free Bonus to Keep Business Growth

While clients may always make their way in either bear or bull market with leveraged margin trading, exchanges can suffer in a downward market. Many Altcoin exchanges stop working due to a lack of trading activity and flooding withdrawal of funds.

However, some exchanges still operate on a steady basis but with a price to pay.

BEX500, a crypto margin exchange, still witnesses a volume growth, and its 24H volume hits a new high at 64,000 BTC.

“It comes at a price”, Anna Myshustina, CEO of BEX500 told Reuters, “our profits still grow year-on-year, but with a less momentum, because we have to launch the FREE bonus activity to stimulate trading, which does drag down our profits to maintain trading”
BitMEX, a leading crypto exchange shares the same concern, who gives about 10% commission back to stimulate trading growth.

“We sacrificed more for clients”, explained Anna, CEO of BEX500, “with our free bonus activity, you can get 1 BTC for free with 1 BTC deposit, this is an unprecedented generous move. We even lower the commission to 0 in some products, and only profit on spreads”.

Concerns of financial crisis are mounting amid the U.S.-China trade war and levels of corporate debt are increasing, as noted by the International Monetary Fund (IMF) on Wednesday. While BTC is considered a safe haven by many experts, it is still a million dollar question when the bull market can come back.

When clients can still trade to profit in bear market, crypto exchanges are definitely praying for a bright future.

About BEX500
BEX500 is a crypto margin trading exchange of digital assets including BTC, ETH, LTC & XRP.
It offers cryptocurrency, Forex and Commodity CFD up to 200x leverage for long & short positions.
Launched in 2018, BEX500 has clients from over 100 countries and regions.
Co-founders, experienced in traditional equity, forex industry and hedge funds, apply their financial methodology to the crypto industry.
BEX500 offers little slippage with the integration of dozens liquidity suppliers.
The company was devoted to revolutionize the industry with its tight spread, competitive commissions and adaptable trading platform.

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Facebook: Bex500official
FB Group: Bex500
Twitter: @Bex5002
Email: [email protected]

Contact Info:
Name: Media Relations
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Organization: BEX500
Phone: +85268132441

Release ID: 88929196


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