Binance.US CEO: Coronavirus Quarantine caused volume increase in Asia

By March 23, 2020Bitcoin Business
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Catherine Coley, the CEO of Binance US, revealed that the coronavirus quarantine in Asia caused a surge in trading volume during an interview with Bloomberg on March 16.

As for the recent correlation between Bitcoin (BTC) and the S&P 500, Coley claims that both traditional cryptocurrency markets play a known long-term cycle.

She argues that the markets are experiencing what she calls the ‘CRIC cycle’ – where ‘crisis’ produces a market reaction followed by ‘improvements’ and then a return to ‘complacency’ before the cycle repeats:

“So, in the mainstream traditional asset classes, like Bitcoin, you can see that complacency in the market is turning into crisis, causing panic. That will drive sales across the board.”

She emphasizes that the cryptocurrency markets are backed by ‘technology that we can trade 24/7, regardless of our environment’, and describes the ecosystem as insensitive to the ‘supply chain problems we see with nationally traded stocks’.

“You saw it too […] a revival of trade volumes taking place in Asia when the […] quarantine took place. So I think you’ll see the same thing happen in the US if we get stricter guidelines on what quarantine means to America, “she said.

“I think you can see that Bitcoin is something that we can continue to engage in regardless of the security and concerns of the US and worldwide,” added Coley.

Coley argues that the cryptocurrency ecosystem has matured significantly in the past year, adding that current prices can attract institutional investment:

“We saw such maturation from last year in this space, where institutions were able to identify who really are the players in the crypto space, and now prices are now affordable for those institutions.”

When asked whether Bitcoin’s perceived status as a “safe harbor” has been attacked by recent market volatility, Coley says, “I think markets are still trying to figure out what” safe harbor “means. ‘

However, Coley predicts that Bitcoin’s lack of dependence on the physical world will continue to act with vigor, despite global quarantine attempts and economic challenges facing the coronavirus threat.

Since its launch in September 2019, Binance.US has steadily increased the number of crypto assets listed on its platform. In March, the exchange announced support for Tezos (XTZ) and started accepting USD Coin (USDC) deposits.

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