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Crypto Legitimacy Grows in Wake of Price Rally

May 31, 2019
BY Emma Richards

In the world of banking and finance, cryptocurrency still seems to have a shaky reputation. Traditional investors continue to shy away from Bitcoin, XRP, and other more recognizable coins. Should they be avoiding the digital currency revolution? Keep reading to see how crypto is heading for legitimacy and how the latest news could mean big price rises across the entire crypto-index.

Crypto fans are shouting Yahoo!

Big news. On the heels of Bitcoin’s recent rise, Yahoo! Japan has finally confirmed that it will launch a cryptocurrency trading service on May 30. This week saw YJFX of Yahoo Japan announce its 40% holdings in the new exchange called “Taotao.” This marks yet another milestone in crypto’s journey towards global legitimacy. For traders not yet convinced about the future of crypto, this is a huge step forward, adding regulation to crypto through the respectable Financial Services Agency (FSA).

Taotao opens the doors to Bitcoin and Ethereum trading as base currencies and plans to add Bitcoin Cash, Litecoin and XRP in the near future. Given that current exchanges have struggled to handle public interest and demand for cryptocurrencies, it seems a welcome addition to the trading world.

Crypto trading conditions

Despite some negative press in 2018, cryptocurrency continues to move towards legitimacy.

Traders first to join the Yahoo! exchange will likely experience some technical complications until the massive venture can iron out the inevitable launch bugs. In comparison, forex brokers have been offering cryptocurrency CFDs for several years, and—unlike most of the big exchanges—they haven’t had security issues that caused traders to lose money. For now, an exchange cannot offer the same level of protection that Brokers can. An exchange stores the client’s funds or coin codes on their own servers. A broker keeps client funds in a traditional bank and adds several internal security measures to monitor suspicious trading account activities. Yahoo! Japan’s exchange may well be a contender in the future, but for now, a broker is still the safest way to trade on cryptocurrency rises and falls.

Both Yahoo and the Japanese government are standing by the legitimacy of cryptocurrencies; another forward move for cryptocurrency in its attempt to join the ranks of USD and EUR as a recognized and legitimate currency.

If you’d like to trade the most popular cryptocurrencies and take advantage of the newfound global interest, consider trading crypto CFDs. CFDs offer incredible spreads, unmatched leverage opportunities, and secure and insured accounts that exchanges simply can’t compete with.

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