Crypto Remains a Safe Haven
eToro, the world’s largest social trading platform, today released a quarterly report that focuses on the crypto market’s progression over Q1 2020. The report provides an in-depth analysis on the performance and market sentiment of each of the crypto assets offered on the platform. It also includes interviews with leading CopyTraders on eToro, sharing their unique perspectives on crypto trading in Q1 2020.
Below are some of the key findings in the report.
- Amid macroeconomic uncertainty, online conversations continue to increase around cryptoassets as an alternative asset class.
- Relative and absolute mentions of gold in headlines discussing Bitcoin have reached all-time highs.
- As the coronavirus started to dominate conversations in Q1, Bitcoin sentiment became significantly more correlated with gold than with the S&P 500.
Guy Hirsh, managing director of eToro US, comments,
“Through this report, we can now say with ever more confidence that the crypto industry is resilient to boom and bust cycles, and even (or especially) during a pandemic. I believe the data shows a bullish future for crypto, and we look forward to serving as a bridge to the future of finance.”
Q1 2020 was dominated by coronavirus, massive government stimulus packages, and cuts to interest rates. In this time of great macroeconomic uncertainty, Bitcoin’s digital gold narrative reached its apex. The research report investigates the possible correlation between gold and crypto.
eToro launched its crypto trading offer in the US in March 2019. Since the launch, registrations on eToro have increased over 221% in the US. eToro’s website traffic has increased by roughly 20% as people want to find a simple and transparent way of accessing information as well as the opportunity to trade and invest.