LMAX: Institutional Firms Consider the Decline in Bitcoin as an Opportunity

LMAX Digital stated that Bitcoin's drop to $ 30,000 last week is seen as a purchase opportunity by corporate companies.

LMAX: Institutional firms consider the decline in Bitcoin as an opportunity. LMAX Digital, which is considered as the world's largest exchange for cryptocurrency purchases by corporate firms, stated that the decline of Bitcoin, which had a bad performance last week, to $ 30,000, was seen as a purchase opportunity by companies. Evaluating the recent developments in the cryptocurrency market, LMAX Group CEO David Mercer said: “Of course, it was a recruitment opportunity for those who looked to the business long term. Did they get it in 28 thousand, 35 thousand or 40 thousand dollars? We cannot know this "

170 Thousand Bitcoin Transactions Made Per Day

LMAX Digital achieved a volume of $ 6.6 billion during the day when the cryptocurrency market defined it as "Black Wednesday" and Bitcoin experienced a huge 30 percent drop. Mercer said, “The number of coins traded is a better indicator than the dollar amount. The average price for Bitcoin on the day of the record decline was about 35 thousand dollars. In other words, about 170 BTC was traded ”.

"Small Investor Is Trading With Leverage"

Noting that many retail investors in the world perform leveraged trades and stop orders start to “explode” when the price starts to decline, Mercer said, “This causes the following stop orders to deteriorate and the market is entering such a vicious circle”.

"Every Reasonable Company Has Added Bitcoin"

Stating that corporate companies are not in the market in this sense, but they see this as an opportunity when the price falls, LMAX CEO said: “As a corporate company, we also added BTC. I also personally hold Bitcoin. 5 percent of my total assets are in crypto… When the price drops, I buy to rebalance. I think every sensible company added Bitcoin to their portfolio in Wednesday's decline ” LMAX Digital, established in 2018, serves many institutional investors from the USA, Europe and Asia. According to the press release by the company, 200 corporate companies started working with LMAX in 2021 alone. CEO Mercer said, “LMAX would not exist if there was no corporate demand.”