Giles Coghlan, HYCM’s Chief Currency Analyst, commented on the market situation in the crypto space:
In the midst of our global COVID-19 crisis, central banks around the world are both cutting interest rates and increasing bond-buying programmes. Furthermore, governments around the world have pledged more than $8 trillion in stimulus measures in order to cushion the financial impact of the coronavirus. This all means that nations are now running the risk of inflation levels devaluing investors’ cash in the bank.
This is all pushing renewed interest in areas like the cryptocurrency space. Recently high profile investor Paul Tudor Jones advocated the crypto space in the current environment saying “Bitcoin reminds me of gold when I first got into the business in 1976”. For those who don’t know, gold had a very strong bull run in the 1970s.
Cryptocurrencies popularity looks set to grow as investors look to hedge deflationary risk by keeping some of their portfolios in the crypto space. This is why we are delighted to announce the expansion of our cryptocurrency products today.
LeapRate reminds that the broker recently launched ETFs on its MT5 trading platform. Traders can withdraw funds at any time without the need of an exchange and MT5 charting tools with many available indicators. Keep in mind that crypto trading is not available under HYCM (Europe) Ltd.
You can start trading cryptocurrency CFDs and more here.
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