Etoro’s new BTC incentives addresses were disabled in order to protect the users’ funds because of the strong interest in the services as we can see more in the cryptocurrency news today.
The crypto market is now trending once again thanks to Bitcoin’s major breakout and rally beyond the $40K level so altcoins were following Bitcoin’s lead and sparked a huge FOMO amongst retail investors alongside the institutions. Investors flooded in eToro like never before and caused many new user registrations to grow 25 times the number the company was seeing in 2020. But this isn’t only due to BTC as eToro themselves are offering an incentive that is too good to pass up.
To celebrate the Bitcoin rally, the trading platform eToro started offering US-based investors a free $500 reward for a bonus for registering a new account and depositing over $5000. Users are now flocking to cryptocurrencies but with eToro offering what is essentially a ten percent deposit boost for the opening of an account with more than 380,000 new accounts got created in about 10 days. That’s about 35,000 new users each day.
Etoro’s new BTC incentive addresses were disabled right after and are taking a few steps to protect these users from the strong market volatility and also, margin trading accounts were disabled to avoid investors that are losing funds because of being over-leveraged in a rapidly swinging market. the company is pausing the buy orders as well over the weekend when the volume is the highest. Etoro spokeswoman Amy Butler said:
“We did this in response to the volatility in crypto markets, and we believe it was the most prudent action to take.”
Over the weekend, Bitcoin’s price dropped by $10,000 which resulted in extreme volatility which is why it aims to protect the users. eToro offers crypto investors more than just BTC and other altcoins listed on the platform include Dash, Cardano, Litecon, Ethereum, EOS, NEO, and Tezos. The platform offers a few unique crypto market features like copy trading and a live social feeds of top crypto traders and investors from across the US. To learn more about the features its growing list of crypto-assets and to take full advantage of the new account bonus that the community is rumoring about.
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