While the cryptocurrency markets may not look the greatest they’ve been, people’s interest in the technology has hardly dissipated at all. On April 10, 2018, Bittrex reopened its doors to new cryptocurrency users by allowing for registrations, only to have to close them again after an influx of people signed up.
In a press statement, the Communications Team for Bittrex explained their initial reasons for preventing new registrations in the past: ‘In December, Bittrex temporarily paused signups for new users to preserve the experience, stability, and security of the platform for existing customers as the company worked on improving the infrastructure to efficiently manage the immense amount of interest from new users.’ They further pointed out that they have made significant improvements to the exchange as a whole, with the most noticeable being a complete redesign.
In the press statement, there was also an announcement that the popular US exchange would be supporting corporate accounts as well as the standard personal accounts.
Bittrex’s Twitter account reveals just how long precisely new registrations were open for. Their initial tweet inviting new users to sign up was published at 6:20 pm on April 10. Their follow-up message which placed new registrations on hold was published at 6:46 pm. Essentially, what this tells us is that within just 26 minutes, there was such a high influx of new users that Bittrex chose to pause their functions. Clearly, more people are interested in cryptocurrency trading than they expected.
Some people are arguing that this does not teach us anything about the popularity of cryptocurrency, and only that Bittrex was not well equipped to handle new users, but this argument does not make sense. While it is possible that this was caused by a lack of planning on Bittrex’s part, it is unlikely— Bittrex was arguably the most popular exchange of 2017 up until it closed its doors to new registrations, yet even still they handle over $200,000,000 in trades. The service understands that cryptocurrency is a serious asset class with huge fans, meaning its ‘overwhelming response’ reveals that cryptocurrency is attractive to many more people than perhaps thought. People thought the FUD would slow down trading, but this is not the case.
What does this mean for the future of cryptocurrency?
It would appear that cryptocurrency has grown tremendously from December 2017 to April 2018, much more than people would have expected considering the markets have been in a partial decline for the last few months. This suggests that most traders are not expecting quick returns on their investments but, instead, see cryptocurrency as something which could shape the future and are patiently waiting to see the mass adoption of their favorite coins.
A recurring theme regarding cryptocurrency FUD is that since we entered a bear market, people are less interested in investing because they only want a ‘get-rich-quick’ scheme, but Bittrex proves this is not true. Bittrex pausing its new registrations after a mere 26 minutes tells us that most crypto traders are level-headed individuals who are not easily deterred by declines in the market. It also conveys that cryptocurrency is only getting more and more popular as the months go by.
Kai is a cryptocurrency copywriter and professional trader. He can often be found investigating various cryptocurrencies, whitepapers, and blockchain technologies. Kai has been a professional writer for 5+ years, and has invested in 50+ different coins and tokens. He also currently studies Law and Philosophy at university.