Australian Blueshyft payment processing CEO Kane Warwick said that fiat money is returning to the cryptocurrency market, as it did in the run-up to and during the last bull rally.
According to him, at present, the volume of fiat deposits arriving at cryptobirds is about the same as in May 2018.
Yesterday, it has been the largest single day deposit volume since May 2018. Retail buyers are coming back to the market.
– Kain Warwick (@kaiynne) 4 April 2019 р.
“This is a new inflow of Fiat to the crypt, retail buyers are returning to the market ,” said Warwick.
In a conversation with the publication of Micky, the head of Blueshyft expressed the opinion that the recent surge in trading volumes was not an accident at all, but a logical confirmation of an uptrend:
“We work with many exchanges and over the last two or three months we have been seeing a fairly steady growth in deposits, which in 2016 was a clear sign of a bulran. The latter began at the end of 2016 and lasted until the end of 2017 ”
According to Warwick, the inflow of fiat money is “one of the best indicators reflecting the organic interest of market participants” and the desire of the latter to invest in cryptocurrency.
“Trading volumes are easy to manipulate . However, it is much more difficult to falsify data on the flow of money entering the ecosystem "
Lastly, he added that this week the turnover of Blueshyft reached its highest level since December 2017, when the price of Bitcoin was close to the $ 20,000 mark.
Processing Blueshyft collaborates with 1,300 Australian stores and other organizations that interact with cryptocurrency services. Among the latter: Binance Lite , CoinSpot and CoinJar.
Recall, the other day trader Peter Brandt suggested that the price of Bitcoin could soon demonstrate the same dynamics as in 2017.
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