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Tuesday, January 19, 2021

EToro Plays Foul Game By Suspending BTC Trade As ATH Price Spikes

While Bitcoin was having their wild rally by hitting new all-time highs, eToro has been receiving a lot of flak from the stock market.

On 12th January, one of the journals of Wall Street reported that the users of European eToro have been provided with only 4 hours’ notice. According to the notice, they had notified that the trading services of the platform margin are going to be stopped on Friday.

Traders Have Called Out eToro

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The users had been notified that they should escalate their margin security to one hundred percent through an email that was mailed at around 4:46UTC on 8th January. This platform had closed their contracts with all European cryptocurrency traders who did not boost the margin security to 100% within 9 PM.

As soon as the company called in all their margin traders, the users’ of crypto automatically changed it to US dollars.

Amy Butler, one of the spokespersons, has said that numerous traders were not aware of the time and process of margin position conversion since the price of BTC was rapidly moving towards $42,000 during that time.

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 Nonetheless, Jurij Toplak, a law professor at Fordham University, had previously given a warning about the future gains which were leveraging the crypto assets by the users of eToro.

EToro users are trying to short the stock market and do not want to miss out on such a huge profit-making opportunity. The other traders have also emphasized the probable consequences of such a short notice issued by eToro.

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