Popular Trading App Adds Cryptocurrencies To Its Platform
While 2017 is a banner year for cryptocurrencies, the digital assets do not seem to be faring well in 2018. Beset by waves bad news such as falling prices and the announcement of some countries’ plan to ban its trading, the overall sentiment in the segment seems to be generally negative.
However, the future of cryptocurrencies may not be as bad as it seems. In fact, here are some hints that crypto’s setback is only temporary and, after the current market correction runs its course, the digital assets are here to stay.
Majority Of The Countries Will Not Ban Crypto Trading
One of the main fears investors have on cryptocurrencies is that the assets might no longer be tradable. Of course, this concern was spurred by the Chinese ban on initial coin offering and the shutting down of trading platforms in the country. The situation became even intensified when South Korea decided to join the fray by announcing plans to take a more serious look into its local crypto exchanges.
However, it seems that most countries are not really that keen on a total ban on cryptocurrency trading. Russia, which has been previously reported to be planning to ban crypto trading to prevent it from being used in money laundering and terrorism financing, is now retracting that position and has already clarified that it has no plans of banning cryptocurrencies at all.
What the Russian government plan to do, however, is to regulate the trading of the digital assets. According to Reuters, the Russian Finance Ministry has already prepared a bill that will allow both initial coin offerings (ICOs), as well as crypto trading in digital exchanges, provided that certain conditions are met.
Regulating is, in fact, good for investors. It would ensure that the market rates reflect the actual value of the crypto being traded and are not artificially propped up due to speculative activities.
Cryptocurrencies To Gain Wider Acceptance As Investment Option
Another possible trend is that cryptocurrencies such as Bitcoin, Litecoin, and Ethereum, will even gain even more popularity as investment alternatives. Of course, this is not expected to happen overnight given the current downturn of the segment. However, once the crypto market correction is over and prices start to stabilize, interest in the digital assets is bound to resurge.
An indication of this trend is the fact that Robinhood, a trading app that is popular with millennials, will be adding Bitcoin and other cryptocurrencies in its roster of tradable assets. The service, which is scheduled to go live next month, will allow clients to trade a total of 16 cryptocurrencies— Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Ethereum Classic, Dogecoin, Litecoin, Ripple, Zcash, Monero, Dash, Stellar, Qtum, OmiseGo, NEO, and Lisk.
What is implied here is that, despite the current slump in the segment, the company is still confident on the cryptocurrencies’ resilience and longevity. After all, seasoned investors already know that market volatility is a fact of trading life and that corrections, while financially draining, are never here to stay.