The Malaysians are more interested in the speculative purchase of cryptocurrency, despite the bearish trend. This detail was revealed by Yusho Liu, Coinhako’s co-founder in an exclusive interview with a local news firm.
The Malaysian Market Boom Amid Bearish Market
Cryptocurrency market has been through a bearish trend since the beginning of the year, and the downward move does not seem to have stopped yet.
Amid the bearish trend, there has been a market shed of $600 billion, as many are taking refuge in cashing in on their cryptocurrency. Coupled with the inconclusive decision on the Bitcoin ETF, as many crypto investors doubt what the outcome would be and the probable effect on the cryptocurrency.
In contrast to the norm in the general market, the Malaysian market has been on the opposite side of the trend. More people have been more interested in cryptocurrency in the country more people buy and hold pending the next bullish trend.
Yusho Liu, a co-founder of Coinhako, revealed the details of this. He stated that
“The buy side is still very robust. Generally, there have been more buyers than sellers over the years. The more people know about it, the more they will be interested in buying into the future. Most of the people buy and hold. I don’t see many people buying and selling day in, day out.”
The Malaysian Trend of cryptocurrency holders places their owners in a good advantage of benefitting from the next bullish trend. The tendency of cryptocurrency value to rise is still very high.
Despite speculations of the bearish move, most cryptocurrency analysts envisage a surge in value, especially for the top cryptocurrencies. Nevertheless, when this rise is expected to start, no one has rightly predicted it.
Profiting from the next bullish trend requires optimistic trading like that of the Malaysians.
Liu further states in the same interview that regulation is very important for the cryptocurrency market, as there is a need to make the digital currency non-volatile.
Coinhako is a Singapore based cryptocurrency exchange created in 2014. The firm expanded into Malaysia in 2016.
The exchange offers Bitcoin, Ethereum, and Bitcoin Cash on its platform, however, plans are underway to add more cryptos before the end of the year.
Notably, the firm is in the process of expanding into Indonesia and Vietnam to have a broader market.