A hefty sell-off in the price of Bitcoin has led to record transaction volumes at Bitwala, Europe’s crypto-banking flagship, especially as the coronavirus pandemic deepens. In a remarkable response to the steep drop, three in four Bitwala customers bought up even more Bitcoin, joining the team of the “hodlers”, rather than the sell side.
Volumes during the weekend remained more quiet after the so-called Black Friday. The coronavirus crisis has driven the cryptocurrency market to a volatility that hasn’t been seen in a while. Bitcoin price was dwindled even below its yearly low price level, breaking so many crucial price levels. BTC’s gains were washed out over the last week. On the other hand, XRP has taken the bearish sentiment all the more seriously. Similarly, the foremost altcoin Ethereum has noted a sizeable price decline by 43% yesterday as it had a dip even below $100.
Likewise, XRP coin had a mild bearish vibe for the last week, which has seen a strong negative breakout yesterday. The currency opened at $0.20, and it started exploring price ranges below $0.18 with a free fall, as it was mentioned by CryptoNewsZ.
“The response of our customers is a signal of hope in times of worldwide crisis: While borders are closing and basic human rights are suspended to brace against Covid-19, hodlers believe that in a new interconnected tomorrow we will use Bitcoin to exchange value on the Web3,” said Ben Jones, CEO of Bitwala. “The measures taken by the Federal Reserve are a bandaid in volatile times. However, many also worry that the resumption of money printing by central banks and governments in response to the crisis will inevitably lead to the erosion of the state-backed FIAT money system. That is why the ‘hodlers’ prefer the incorruptible nature of Bitcoin over short lived monetary policy effects.”
Bitwala encourages remote work and medical distancing
As a precautionary measure, team presence at Bitwala’s Berlin-based headquarters has been reduced. Staffers are working from home and are in good health.
“At Bitwala, we encourage remote work. Our teams excel in using all the digital tools and
productive principles New Work is offering. It means that all our team members can work
remotely to ensure medical distancing in these special circumstances and still remain
connected highly productively,” said Christph Iwaniez, CFO at Bitwala.
Bitwala has more than 50,000 users in 32 European countries. In December 2018, Bitwala
started to offer a free bank account service featuring integrated cryptocurrency wallets. Since then, the Berlin-based company has penetrated the European cryptocurrency market with an offering, which is significantly more consumer-friendly and favorable than Crypto Exchanges.
About half of the present customer base is residing in Germany, followed closely by Spanish, Austrian, Italian, Polish and Swiss residents.