CMC Markets: “Crypto Adoption is Soaring Thanks to Facebook’s Libra Announcement”

During the course of 2018, CMC Markets witnessed a massive drop in its annual returns, primarily because the crypto market was experiencing extreme bullish conditions — even forcing BTC to drop to a price point of around $3,600 for a brief period of time.

  • A few days back, the U.K. FCA released a statement saying that moving forward, retail access to any crypto linked derivatives would be banned within the nation.
  • CMC Markets recently published a report claiming that casual interest in cryptocurrencies had exploded ever since Facebook announced its decision to release its very own stablecoin (a couple of months back).

According to a spokesperson for CMC Markets, investor interest in crypto has increased quite tangibly ever since Facebook announced its decision to enter the digital asset market with it much-hyped stablecoin offering — Libra.

For those of our readers who may not be aware of CMC markets, it is a UK-based financial derivatives firm that currently has more than 80k clients across the globe. Additionally, as per a number of company reports, CMC has been witnessing a massive surge in its number of external inquiries related to digital currencies (since the second week of May).

A representative for CMC Markets recently issued a statement on the company’s website claiming that this latest surge in interest has been caused in part due to FBs decision to unveil its upcoming crypto project called ‘Libra’.

CMC believes that Facebook’s announcement not only helped raise the public’s awareness levels regarding crypto-assets but it also helped in providing the industry as a whole with much more mainstream legitimacy. When asked about how much of the firm’s daily tx volume had changed since May, a spokesperson for CMC declined to comment.

Since early last year, CMC has been offering its clients with a host of crypto-linked CFDs and spread-betting options. According to a number of insider sources, CMC is currently looking to expand its range of crypto offerings — so as to meet growing client demand. In this regard, it should also be mentioned that just last month, the firm released 3 new crypto baskets for its customers.

The aforementioned crypto baskets are meant to help investors diversify their financial portfolios. The first one comprises of the world’s top eight largest cryptocurrencies (by total market capitalization) while the second one contains only the top 5. Similarly, the third basket comprises of newer altcoins such as EOS, TRX and Neo.

In regards to matter, David Fineberg — CMCs Deputy CEO — was quoted as saying:

“Cryptocurrencies are catching the attention of traders who may have traditionally been focused on equity indices or fiat currencies,”

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Shiraz J
Shiraz is a multi-year cryptocurrency analyst and blockchain journalist residing in Melbourne, Australia. When he is not writing about the bitcoin ecosystem, he enjoys the art of meditation, playing the blues and traveling the world.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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