Trading platform eToro announced it is overwhelmed by new market participants who want to trade virtual assets on the exchange. For this reason, it has temporarily boosted the amount of money new users have to transfer on deposit when registering in to discourage them from joining.
The platform, which is popular with “social” and beginner stock traders, raised its entry deposit amount from $200 to $1,000.
Being fuelled by crypto, the number of new users and the volume of received deposits, as well as trading on the platform all mark new highs in 2021, said Amy Butler, eToro head of PR.
“We are observing enormous demand for cryptocurrencies, especially Bitcoin,” she shared.
Although institutional funds were spearheading the recent bull run, this news of “unprecedented demand” by eToro is a sure sign that retail traders are at last starting to gear up.
“In the first week of the new year we have seen days with well over 40,000 newly registered users per day and volumes of cryptocurrency trades at 10 times the average cost for 2020,” Butler noted.
After scoring more than a 300% up spike in 2020, the price rate of Bitcoin has already increased more than 40% this year.
