As we roll into April with the altered reality of global pandemic in our lives, the world looks drastically different than it did when I wrote my last letter to you.
First, foremost and above all, I hope that each and every one of you is safe, secure and healthy. I do also hope that the economic dislocation that has accompanied this crisis has not impacted you too greatly. As I said last month, if you have been affected by this disease, you have my, and the rest of the team’s, best wishes and deepest sympathy.
On to business, the trade.io group of companies have collectively implemented their disaster contingency plans and things seem to have gone as smoothly as possible. Those of us that can are working remotely as we follow the government directives in our respective areas. For me this has meant staying away from our physical office and working completely remotely. Thanks to technology, this has gone almost perfectly, there are a few pieces of old-time paper mail that I wish I could track down, but otherwise it has been a smooth transition. I hope that work in this new era remains productive and safe for you all. I do get a bit of grim amusement watching my more “traditional” colleagues at other financial firms try to figure out “new” tools like Zoom, Slack and Telegram, we crypto folks are ahead of the curve yet again.
For TIOmarkets we had another great month. We managed to notch another month of record volume despite the craziness in the markets. While volatility is good for our business, we have seen some down volume days when people hang on their fiat in this global “dash for cash”. More importantly, we continue to add users at a record pace, growing for the future. Of course, we still have a long way to go, and we are working towards it every day. As always, I will remind you all, if you have not tried out TIOmarkets, please check it out. If you would like you can look to helping us increase our domain authority (and to get as much traffic as possible) by leaving us a good review on trustpilot, by sharing one of our blog posts or even sharing our URL www.tiomarkets.com on your website, if you have one.
With many of our traders quite rightly worried about how the fast-moving the markets might affect their investment at the moment, we have set up a dedicated webpage providing up to date market information plus webinars, podcasts and more. Please bookmark this page to keep apprised of any market news that might affect your trading portfolio, or if you’re keen to see how industry leaders are coping with the crisis. www.tiomarkets.com/fx-in-quarantine
One interesting data point that came out of the recent market upheavals was a debunking of the investing theory that crypto currency is a non-correlated asset. If it were, we might have expected to see bitcoin rise as world markets crashed, much like we saw gold do. However, bitcoin tumbled along with everything else. To me, this indicates that the world that we all see coming, where bitcoin and crypto are mature alternative currencies and assets is not here yet. I guess that is not too startling a conclusion, but was amazing to watch bitcoin trade much more like the Dow Jones than physical gold. That time will come, but for now, many holders, whom when the world came crashing down, ditched their bitcoin in favor of fiat cash liquidity instead of flocking to it as a safer alternative currency.
On this note, it will also be interesting to see how much damage is done to the crypto investment communities. It has been a bad time to be short fiat and long crypto like many hedge and investment funds are. I hope that the small funds that help drive capital into this space are not too badly impacted.
One bit of logistics, please note that this will be the last time we distribute our monthly trade.io newsletter by email. We are changing the way we send emails in response to feedback from the community about spam and no-receive challenges. Any TIOnaut who has signed up to TIOmarkets (or who is in the Liquidity Pool) will remain in our database and will continue to receive important TIOmarkets news. My next monthly update will be published on Telegram and the TIOmarkets blog, publicly available to view here: https://blog.tiomarkets.com/
I leave it at that TIOnauts; I hope you are all safe and secure. I wish you and your families and loved ones the best of health and quickest return to prosperity possible. We remain here (albeit remotely for now) striving every day to grow TIOmarkets and bring value to TIOx.