The decision was motivated by the fact that Asia dominates 80% of the crypto market. Thus, top US crypto investors are targeting this market for profit-taking.
In 2015, four traders from Morgan Stanley and one developer from Bloomberg decided to launch a start-up named “Amber” using artificial intelligence to exchange Chinese stocks and securities.
In 2017, they decided to divert their attention to Crypto trading when they found a huge arbitrage opportunity. Amber recorded strong profits of 100% to 200% between October-December 2017.
When the Bitcoin (BTC) dropped from nearly $7,800 to $3,800 in 2018, the company made robust gains of $50 million, with return rates of 40 percent. Accordingly, they decided to stop concentrating on artificial intelligence.
Since turning full attention to crypto trading, Amber has been offering a full range of services such as providing loans, electronic market trading, financial management and OTC trading.
Unlike the US government, cryptocurrency is not considered a security risk by the Hong Kong authorities. Consequently, Amber’s clients can trade more than 700 coins through 30 exchanges against 30 digital assets in the US.
Tiantian Kullander, co-founder of Amber, said the Coronavirus has resulted in a downside in Asia. Therefore, Amber’s employees are working from home. These conditions led to a decline in the company’s revenues.
“The beauty of crypto trading is its 24*7 availability. You can sit at home and run your investment regime,” Kullander said.
Chinese mining farms closed on coronavirus
Cryptolydian earlier reported that China’s authorities are taking tough measures against crypto mining units in a bid to control the Coronavirus. This led some Chinese BTC mining farms to end their operations.
Since Chinese BTC mining farms represent a significant portion of mining space, the crackdown will definitely impact the BTC price in the coming days.
Normally, Chinese mining units have broad infrastructure to mine BTC. Thus, broad offices and industrial units are an ideal environment for the rapid spread of virus.