While bitcoin, in general, is on the backfoot after suffering a $700 decline, it did enjoy a rally that resulted in breaking the $8k barrier. UK-based asset brokerage company eToro is one of those who benefited from that rise in value, News BTC reported.
According to the report, the firm's chief market analyst, Mati Greenspan, confirmed that they observed a significant rise to the tune of a 13% surge in bitcoin holdings.
These deposits moved up between May 4 and May 18, the very same period when bitcoin made an impressive run reminiscent of its 2017 surge.
Greenspan also added that the company didn't just profit from the surge; some of its clients also did, when they participated in the Sunday run. During the day, overall client holdings moved up by 13%.
Other companies followed suit in the purchase of bitcoin. It was revealed that a number of bitcoin addresses with 1,000 to 10,000 bitcoins had about 450,000 bitcoins collected in just 9 months or less. At the current exchange rate, that amounts to $3.92 billion, and it is also indications that buyers and sellers were expecting bitcoin to go on a mythic surge yet again.
eToro had been a big believer in bitcoin and the crypto/digital marketplace. Crypto News Z reported that eToro had been somewhat adamant about its belief that 66% of the world's assets could be converted into digital investments.
When measured, it comes to about 150 trillion dollars worth of assets from around the globe.
eToro had actually been maintaining a well-known presence in the social trading world. It has created a following with registered offices in places like Cyprus, Israel, and the United Kingdom. eToro is more commonly known worldwide as a provider of copy trading services. Yoni Assia is the company's CEO, and the firm has been in existence since the year 2006.
Since then, eToro had slowly but surely been building its presence both online and in the physical world. It had expanded its reach by 600% from 2015 to 2016.
It also grew its presence to a significant 400% during the 2017-2018 period. It's not a fairly new company, which is why when it says that bitcoin appears on the way up yet again, insiders better listen.
Theories surrounding bitcoin's recent surge is that investors have been using the cryptocurrency as 'insurance' when things go bad. It has also been said that, while the US and China are not winning their respective wars, bitcoin has been on a "kill spree." It explains why eToro has been reporting and believing in bitcoin's rise yet again.
