The American cryptocurrency exchange Coinbase has launched three new tools that should help traders – especially newcomers – make trading decisions.
New tools are indicators, one of which is updated every 2 hours and shows the activity of 10% of the richest site traders in the last 24 hours; the second reports on the typical asset retention time on Coinbase user accounts and the popularity of this asset; and the third shows the price correlation of various cryptocurrency assets in the last 24 hours.
According to Coinbase, these tools are “the first of their kind for cryptocurrency assets.” At the same time, of course, traditional market information will also remain at the disposal of traders. Interestingly, using these tools, Coinbase senior engineer Will Drevo found that top stock exchange accounts tend to buy assets more than sell off.
“Usually, if top traders suddenly start buying or selling cryptocurrencies, then this is an indicator of a trend change in the market, although not always,” Dreu noted. In this case, the engineer stressed that you should not repeat the actions of the top traders. It is better to develop your own trading strategy and adhere to its provisions, or use the services of a financial consultant.
Earlier it was reported that Coinbase Exchange plans to start margin trading, but so far traders have not received this opportunity.