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Entrepreneur
Kurra Bewarse
Username: Entrepreneur

Post Number: 3581
Registered: 05-2011

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Votes: 0

Posted on Tuesday, May 25, 2021 - 10:24 am:   

Brian Kelly, CEO of BKCM, pointed to firms in Asia such as BitMEX allowing 100-to-1 leverage for cryptocurrency trades. Robinhood does not allow traders to use margin for cryptocurrency, and Coinbase only allows it for professional traders.

Bitcoin traders liquidated roughly $12 billion in levered positions last week as the price of the cryptocurrency spiraled, according to bybt.com. This mass exodus wiped out about 800,000 crypto accounts.

Investors, both retail and institutional, have poured into bitcoin and other digital assets in 2021.

The world’s largest cryptocurrency exchange — Coinbase —

said trading volume in the first quarter of the year was $335 billion, of which approximately $120 billion was retail and $215 billion was institutional.

Trading volumes totaled about $30 billion in the first quarter of 2020.

Crypto companies such as BlockFi and Celsius allow bitcoin holders to store their crypto with the firm, in exchange for an interest rate of between 6% and 8%.

On the back end, those firms lend bitcoin out to hedge funds and other professional traders. They also allow people to use their bitcoin holdings as collateral for loans.

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