The leading cryptocurrency exchange from the United States, Coinbase, recently issued a new report where it shows insights on the latest Bitcoin news and how its users are coping with the current crisis. As the report shows, buying Bitcoin on Coinbase hit record levels on March 12 which is the same date when the violent market crash occurred.
If you are wondering why the BTC news show such an abrupt behavior in times when people are panicking, Coinbase shows that crypto traders were mobilizing funds to buy the dip, according to the all-new report published on March 31.
Buying Bitcoin on Coinbase was “record breaking” as the report shows, especially throughout the 48 hours during and after the aggressive slump – compared to the 12-month averages. Bitcoin was the most traded crypto asset during this crash, and Coinbase estimated that total BTC trading was six times the average during the crash – fuelled by three and half times the average number of active traders as well as a buy ratio of 69%.
Meanwhile, the ETH news show that Ether was the second most popular cryptocurrency during this dip, having five times the average number of ETH traders driving a seven times increase in volume with a 67% buy ratio.
Other altcoins also saw growth – in fact, a seven times increase in trade was driven by five times the typical number of traders on average – where Ripple’s XRP, Tezos (XTZ), Chainlink (LINK), Litecoin (LTC), and Bitcoin Cash (BCH) were cited among the most popular markets.
Buying Bitcoin on Coinbase saw new records and $1.3 billion in fiat and cryptocurrency were deposited onto the platform amid the sell-off, comprising five times the typical average. This influx of capital was accompanied by double the usual number of new user signups, and triple the typical number of active traders. All in all, the surge in user activity drove trade volume equating to six times the average.
Coinbase also noted a more than 10% increase in buying pressure relative to selling, where buyers represented 67% of the entire trading activity (up from 60% before that). Currently, we can see that the market recovered from the flash crash on March 12 and that BTC along with the other altcoins are stable, now being two consecutive days in the green.
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