The cryptocurrency markets appear to show no signs of slowing down their decline. But forex broker Octafx appears to have bucked the trend and has gone on to raise its leverage on cryptocurrency pairs.
Octafx raised its leverage ratio from 1:10 to 1:25, a pretty generous upswing although the market situation is bleak. However, this appears to be a direct result of customer demand. There seems to be life in crypto trading yet although BTC is hovering close to the $30k level.
Market State Of Play Does Not Deter The Forex Broker
We are in steep correction territory and the altcoin market is considerably down from its all time high in late April. There was some bullish sentiment at the beginning of May but that didn’t last long. This is now the harshest crash since the March 2020 disaster and it doesn’t look like stopping anytime soon.
The Reddit army that created all that orchestrated market manipulation with their ‘days’ appear to still be around. One can single out the famous Ripple Day which resulted in the price crashing even more (although it did go up a few weeks later).
Another orchestrated market manoeuvre was ‘Doge Day’ which also ended up with the price going down. Eventually Doge went up to around 70c but that was probably on the back of Elon Musk’s appearance on Saturday Night Live. Musk has caused both delight and rage in equal measure with his seemingly contradictory tweets.
Whales And Institutional Investors Probably At Play
Although all these events could have an effect on market prices in the short term there is probably another explanation for the recent crash.
It is much more likely that this is being caused by large institutional investors or so-called ‘whales’ who are pushing the price down to low levels. This will allow them to accumulate as many crypto assets as possible to then ‘pump’ the price to new heights.
Forex Broker Octafx Matches Customer Demand
Octafx decided to match customer demand with leverage options for crypto trading pairs. The rise from 1:10 up to 1:25 is quite substantial and will undoubtedly see an increase in investment opportunities as well as traders. The top 5 ranked cryptos on Octafx are as follows:
- BTCUSD (Bitcoin/U.S. dollar)
- XRPUSD (Ripple/U.S. dollar)
- ETHUSD (Ethereum/U.S. dollar)
- LTCUSD (Litecoin/U.S. dollar)
- BCHUSD (Bitcoin Cash/U.S. dollar)
After carefully analysing client sentiment and communications, OctaFX said it decided to up leverage accordingly.
OctaFX is a global Forex broker that offers online trading services worldwide since 2011. It has a state-of-the-art trading experience which is offered to over 7 million trading accounts worldwide.
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Go to the news source: Octafx Increases Leverage On Cryptocurrency Pairs