Another month has passed, and our platform has continued to make great strides, and we are excited to share all of the things that happened in March with you.
Overall Market Conditions and Trends
In the first few days of April, we have seen Bitcoin skyrocket past $5,000, breaking above multiple key levels of resistance that had previously proven to be quite strong.
Importantly, however, as far as technicals are concerned, the markets are still sitting well below their late-2017 and early-2018 highs, and the overall market sentiment remains just a hair above rock bottom as analysts and traders see few signs of any imminent changes to the current bear market trend.
The current state of the crypto markets can be summarized by looking at the Google Trends data for “Bitcoin” which is widely considered to be a reliable gauge for both market sentiment and overall interest in the markets.
While looking at the below chart, it is apparent that interest in cryptocurrency — and Bitcoin in particular — is currently sitting right around its yearly lows.
Nevertheless, we have continued making great strides in developing and advancing our platform, as we still ardently believe that the cryptocurrency markets will see exponential growth in the future, and we will be ready to provide a great trading platform to all the new investors and traders who enter the markets.
Covesting Receives Prestigious ADVFN Award
We are very pleased that our platform’s major advances in spite of the dreary market conditions have been recognized by ADVFN in their recent award list honoring outstanding players in the global financial sector.
On this awards list, Covesting — which received recognition for “Breakthrough in Cryptocurrency Trading” — sits alongside major players in the cryptocurrency industry, including some of the largest exchanges in the world, like eToro, Binance, and Coinbase.
It is fantastic that we have received recognition on an international level for the unique and revolutionary features that we offer our clients, and we will continue working to secure our position as one of the best cryptocurrency trading platforms in the world.
Release of Intermediary Q&A Blog
In an effort to combat the misleading statements, coordinated FUD, and negative sentiment that have been maliciously spread about Covesting in recent times, we have released an intermediary Q&A blog in order to provide our users with direct response to frequent questions that our community is presenting to us.
In this blog, we address topics including our recent changes to our communications policy, our continued efforts to maintain the utmost transparency, and an update to our progress on our product roadmap.
If you have any additional questions or concerns that were not addressed in the Q&A blog, we kindly ask that you contact our world-class support team.
Copy Trading and B2B Partnership With Advanced 100x Leverage Platform PrimeXBT
Copy trading is at the core of Covesting’s infrastructure. It is designed to allow novice traders to automatically copy professional traders from around the globe and get the benefit of their years of trading experience and expertise. The copy-trading module functions in tandem with the trading engine, allowing both traders and followers to execute trades easily and efficiently to maximize results. The current Covesting infrastructure supports the physical purchase of digital assets, but does not yet offer the ability to short-sell assets and profit off of falling prices. The ability to generate profits off both bull and bear markets is an essential component of the copy-trading experience, providing traders with the flexibility to adjust their strategy based on the current market trend. The copy-trading mechanics have yet to go through the regulatory approval process, while short-selling may be evaluated as a MiFID product, requiring additional licenses and potentially additional lengthy delays.
In order to implement COV token utility sooner, and bring the copy-trading module to more traders than ever before, Covesting management made the decision to consider potential partnerships with third-party platforms that already allow short-selling, and integrate our copy trading technology and COV utility token externally.
This led to our new B2B partnership with PrimeXBT, which was widely covered by top media outlets on Friday, April 5th. Such a partnership will provide the COV token with additional utility once integration is fully complete and will be beneficial for Covesting token holders and traders alike, who will gain access to a trading platform with even more opportunities and advanced features than was originally planned.
With the added ability to open either short or long positions, it doesn’t matter whether or not the markets are trading up or down — users can incur massive profits. There are many other advantages on the PrimeXBT platform as well. As of now, it is the only platform offering 100x leverage for all trading pairs, including Bitcoin, Ethereum, Litecoin, EOS, and Ripple. The platform also boasts a highly customizable user interface with a variety of helpful widgets, and a plethora of advanced order types to ensure a trader enters and closes at the right price points for the most profit possible.
What started as a novel idea briefly discussed with a business acquaintance quickly turned into a powerful, industry-shaking partnership, that’ll arm traders with more tools than ever to turn profits in today’s market environment.
Covesting will continue to grow by leaps and bounds in the months and years to come, and we plan to continue focusing on large market players and other partnerships with a serious focus on our B2B potential — as the Covesting copy-trading module can be integrated onto any cryptocurrency exchange or trading platform. It is important to understand, however, that Covesting does not take any responsibility for the quality of services provided by any of its partners. Covesting solely provides technologic development, token utility and integration support, and cannot ensure compliance or quality of services provided from any external platforms.
Please continue to monitor our official social media platforms and our website, as we will soon release a fresh roadmap detailing where we will head next with our latest partnership.
As always, we greatly appreciate the continued support of our community members, and will continue to keep you informed on any relevant information regarding our platform as it arises.
The Covesting Team