Online brokerage eToro has warned customers that it may limit bitcoin and crypto buying over this weekend if demand and volatility continue.

“The unprecedented demand for crypto, coupled with limited liquidity, presents challenges to our ability to support BUY orders over the weekend,” the company said in an email to customers. “In light of this, it may be necessary for us to place limitations on crypto BUY orders over the weekend.”

While the notice relates to this coming weekend, it may also be applied to “the following weekends” if a similar situation continues, an eToro spokeswoman told The Block.

Read Also:   6 Bitcoin Debit Cards To Use In 2020

Crypto markets are open 24/7, and investor participation could increase on weekends, especially during bull runs like the current one. Bitcoin has doubled in value within the last one month, from around $19,000 to about $38,000.

If eToro implements the restrictions, it may set a temporary maximum exposure amount per crypto-asset for each client and temporarily suspend the ability to place new crypto buy orders, according to the email.

“There is no certainty that we will have to implement these changes this weekend, but we wanted to ensure our clients were aware of the possibility,” the spokeswoman told The Block.

Read Also:   CFTC Committee Takes On Tough Question of Regulating DeFi

Last week, eToro gave a four-hour notice to European customers and abruptly closed all crypto margin trades when bitcoin hit an all-time high of around $42,000.

“Please be informed that we may have to make further changes to our crypto offering at very short notice,” eToro warned customers in the latest notice.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Download MAXBIT Android App, Your best source of all crypto news!
Google Play

Source link

eToro may limit bitcoin buying on weekends if demand and volatility continue

by Evan A. Warren
Choose A Format
Voting to make decisions or determine opinions
Formatted Text with Embeds and Visuals
The Classic Internet Listicles
Upload your own images to make custom memes
Youtube, Vimeo or Vine Embeds
Soundcloud or Mixcloud Embeds
Photo or GIF
GIF format