Since its triumphant peak in December of last year, the price of Bitcoin has fallen more than 66%. Last year, on December 17, Bitcoin’s price reached an all-time high stopping just short of reaching the $20,000 mark. However, as of Sunday, August 26, Bitcoin was trading at only over $6,600.
Despite Price Cryptocurrency remains popular
Still, the Malaysian cryptocurrency markets remain strong despite the massive decline in price throughout the year.
More buyers than sellers in Malaysian cryptocurrency market: Coinhako | theSundaily, Yusho Liu, co-founder of Coinhako, said,
“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.”
According to Liu, there has been a considerable slow down since the price of Bitcoin dropped back in January of this year. However, Liu says that the markets are starting to pick up once again and believes that the market will remain bullish in the long run.
Liu’s company has been seeing an increase in participation from mainstream investors and also says that more people are buying Bitcoin and holding on to, rather than buying and selling daily.
Based in Singapore, Coinhako was founded in 2014. In 2016, the company expanded its cryptocurrency trading operations throughout Malaysia.
In 2017, they had a transaction value of around $250 million and served more than 100,000 customers. As it stands, the Malaysian market accounts for roughly 20% of their total transaction value. The exchange is also looking to add more cryptocurrencies to their roster by the end of the year.
Stablecoin listings in the pipeline
Liu stated they are considering stable coins, which encompass any digital currencies that are directly tied to any stable asset such as gold, oil, or fiat currency. Furthermore, Coinhako is looking to venture into the Indonesian and Vietnamese markets, which could have the potential to increase their transaction value between 5 to 10 times before the end of 2018.
In Malaysia, authorities have already started working to implement guidelines and regulations for the trade of cryptocurrency, although, no decisive actions have been taken yet. Still, this is in contrast to what is being done elsewhere.
According to Liu,
“In Singapore, it’s a slightly different approach. They take the wait-and-see approach. They let it flourish.”
Remember folks, Crypto is coming!
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