Kraken’s Vice President says inflow of ‘professional traders’ with ‘legitimate money’ could have spurred bullish trend
The crypto-winter brought the digital assets under tremendous pressure, with major coins losing most of their value. The bull run led by Bitcoin [BTC], recovered the altcoins’ market significantly. Many prominent analysts in the field have attributed the latest series of the bullish waves to institutional entries. However, according to Kraken’s Austin Alexander, there has been an inflow of “professional traders” into the crypto-world.
The Vice-President of the crypto-exchange asserted that there was an increase in “activity” and infusion of traders in the crypto space. A lot more “responsible kind of professional traders” have made a foray into the scene, infusing “legitimate money” with the space over the last six years even if it was “not from institutional traders”.
Speaking at the Magical Crypto Conference, 2019, trading panel, Austin Alexander said that the cryptocurrency exchanges were growing even as the pace was “milder” than the previous bull wave. Recalling the mass exodus of users during the period of December 2017 and January 2018, Alexander stated that there were probably no exchanges which had reached those number of users again. He, however, maintained that,
“.. but it’s coming and now we’re still growing. I think all the major exchanges are still growing. It’s not 50,000 sign ups a day any longer, but it’s still growing.”
When asked if there was a push towards focussing on institutional adoption versus retail, Kraken’s VP responded in the affirmative and said that there was infinite “slave money”, but there existed only 21 million Bitcoins. He said,
“.. in exchange, you know everybody should realize, do you want to be successful, you got to be on the supply side, first the slave money will come it’s my opinion.”
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