Exchange data and statistics from Google Trends, Twitter, and Baidu show that despite the recent price drop people are looking to buy bitcoin. During the week of the crypto market massacre that started on March 12, Coinbase broke traffic records and witnessed considerable trade volumes. Similarly, the trading platform Kraken saw an 83% increase in account signups during the market calamity as well.
Also read: US Real Estate in Jeopardy – Analysts Predict Housing Market Crash to 29-Year Lows
As Crypto Prices Fell, Kraken and Coinbase Noticed Increased Traffic, Trade Volume, and Signups
While crypto prices are low you would think that most people would be selling their coins for cash. However, statistics show that people are actually more interested in buying bitcoin than selling the digital asset amid the market downturn. For instance, financial columnist Michael del Castillo recently reported on how the San Francisco-based exchange Kraken saw an influx of new registrations last week. According to the report, Kraken saw an 83% increase in registrations during the week after March 12.
Kraken was not the only exchange that reaped the benefits as multiple exchanges across the globe are seeing higher trade volumes and registrations. Typically, crypto exchange volumes increase during a bull run but when the price slides trading platform volumes usually follow the falling price. The latest cryptocurrency crash has seen the opposite, as exchange volumes look like they would during a price spike.
On March 20, reporters Danny Nelson and Nikhilesh De published a report that disclosed Coinbase saw massive traffic during the week of the market fallout and the exchange processed significant trade volume. “This hard work contributed to our stability last week while many platforms, in both crypto and traditional
