March 12, 2021 | AtoZ Markets – If you haven’t heard the recent news, regarding the Canadian government’s decision to authorize the launching of two new Bitcoin ETFs tradable on the Toronto Stock Exchange, you probably don’t live and breathe trade.The financial world was stirred by this move, basically since it is the first time that cryptocurrency trade is institutionalized in North America and, oddly, Canada beat its southern neighbor in this race.
What does this mean, though, regarding the prospect of trading crypto coins like Bitcoin? Does this mean the coin driving the world crazy is going to have the same status as forex trade? The implications may vary, according to the result of this interesting experience. Let’s take a look at the events which led to this decision and the possible outcome of it on traders, not just in Canada.
Crypto coins’ time to shine
While surprising, this move did not appear out of thin air. It was preceded by months of rise in value for most cryptocurrencies, with Bitcoin at the front constantly reaching all-time highs. This is naturally a result of investors around the world shying away from other venues which, as opposed to cryptocurrencies, were heavily affected by the global financial slowdown.
In that sense, Canada’s approach can be described as ‘if you can’t beat them, join them’. Instead of trying to divert people from putting their money in crypto, the government prefers to make it organized and official, thus enabling profit on one hand and enjoying taxation on the other. It seems like a win-win situation, and the numbers prove that this move was successful.
Today’s Cryptocurrency Prices by Market Cap – The volume of all stable coins is now $105.08B, which is 82.27% of the total crypto market 24-hour volume. Bitcoin’s price is currently $44,053.36. Bitcoin’s dominance is currently 61.53%, an increase of 0.66% over the day.
Get in on the action
If we look at the bigger picture, we can definitely say that the interest of Canadians in cryptocurrency has grown exponentially over the past few days. Are you already a part of this trend? If not, know that you can join in anytime from anywhere. Today, trading on crypto is possible through the internet on almost any type of device. Many websites offer buying and selling of cryptos and crypto ETFs.
However, you must make sure you choose a reliable source to do business with (and through). CoinRise, for example, is considered credible by many across Canada and the world. This broker has 15 years of experience in the field and is focused on cryptocurrency trading – making it ideal for anyone wishing to ride on the back of this current wave.
There are a few metrics worth mentioning if you are looking to find a crypto trading platform, whether it’s this brand or any other one.Naturally, you need to make sure that the brand you choose can legally offer services in Canada. Moreover, you must check the list of assets offered and make sure it suits your trading style, budget, strategy and goals.
Do some studying regarding the assets you see because it’s not just about quantity. Quality is an important factor as well, maybe even more. CoinRise’s offer, for example, is considered by its traders as ideal, mixing powerful cryptos with less known but nevertheless promising ones.
Last but not least, it is vital to ensure that support is available and reachable at all times. Don’t settle for trading brands which don’t offer 24/7 support through multiple contact channels. With CoinRise you can talk to a representative via the onsite chat, a direct messaging service, email and even WhatsApp – making sure you’re never left with unanswered questions or requests.