Health Minister Zweli Mkhize has said that Phase Two of the COVID-19 vaccine rollout in South Africa will kick off from 17 May. Mkhize…
Daniel Kibel, co-founder of CM Trading shares insight on the current cryptocurrency landscape and how it has changed the trading scene.
Cryptocurreny has quickly grown across the globe with a large number of users opting to trade in digital currency
“The cryptocurrency market is still relatively new and it has completely changed the trading landscape. Regulations are still quite lax in the crypto space and it’s a particularly volatile commodity. But it rose to widespread popularity almost overnight and has seen an unprecedented boom during the pandemic,” said Kibel.
Calls to order
Kibel explains that cryptocurrency users have prompted other innovations that relate to digital currency.
“The ever-growing popularity of digital currencies like Bitcoin has caught the attention of regulatory bodies and oversight. And countries like China are counteracting crypto by rolling out digital versions of their currencies.”
According to Kibel German, French, Italian, Spanish, and Dutch finance ministers are calling on the EU to impose stronger digital currency regulations to protect monetary policy and EU consumers.
“The result of the European hearing may set a precedent, paving the way for a new global standard. So, we may see some drastic change coming soon,” adds Kibel
Global crypto standards
With the South African crypto exchange company, Luno taking centre stage globally. South African crypto users are on the rise. Luno was most recently acquired by Digital Currency Group, a New York-based company that has backed more than 160 blockchain companies in 35 countries across the world (see this story).
Providing in in local context, Kibel says that there may be a global shift towards utilising digital currency.
“As more central banks jump onto the digital currency train, there is the possibility that a new global digital currency might be on the horizon. That may ultimately bring about the downfall of the almighty dollar and stabilise the global monetary system.”
Trading in crypto – the upsides
From CM Trading’s point of view, there are a few distinct advantages to trading in cryptocurrency.
Buying crypto and holding onto it may be a viable passive investment. But trading Bitcoin also means you can speculate and potentially profit regardless of whether the price goes up or down.
“Ultimately, the volatility of cryptocurrencies is what makes it such an interesting and exciting space to trade-in. Quick price changes can bring increased risk but also potentially higher returns. Ultimately, if you would like to get involved in the cryptocurrency space, begin with thorough research on the current trading environment. And most importantly, partner with a reputable trading company, ” explains Kibel.
Kibel explains that there is an untapped potential within the crypto market for users to increase their investment and overall revenue.
“The cryptocurrency world is never boring. It’s more fluid than most other commodities in that it’s a fledgling economy unto itself that is changing almost daily. And its unpredictable nature is exactly what makes it so appealing,” Kibel concludes.
Featured image: Supplied