‘Possible Limitations’ For Buyers as BTC Searches Skyrocket, Shoeshine Indicator ‘Irrelevant’


Trading and investing platform eToro has sent out a warning to its users that it may limit buy orders this weekend, while others warn of drying liquidity, suggesting that the demand for the world’s number one cryptocurrency, bitcoin (BTC), is growing further and the shoeshine indicator “isn’t relevant in this current cycle” when Google searches for “bitcoin” are nearing all-time high of 2017.

“We would like to give you advance notice of possible limitations to crypto BUY orders this coming weekend,” eToro has reportedly said in an email to its users. As the reason behind this possible move, eToro gave “unprecedented demand for crypto, coupled with limited liquidity,” which they say “presents challenges to our ability to support BUY orders over the weekend.”

Per this email, eToro could be setting a temporary maximum exposure amount per cryptoasset per client, temporarily suspend the ability to place new crypto buy orders, or take a different action. “Please be informed that we may have to make further changes to our crypto offering at very short notice,” they warned.

eToro is currently in hot waters as it had closed all leveraged crypto positions last weekend with reportedly just a four-hour notice – a move which may result in a lawsuit by its European users, with the lawyers representing them set to ask the Cyprus Securities & Exchange Commission to revoke eToro’s license for operation.

Per eToro, the decision had been made, “unprecedented conditions in crypto markets,” as they had told Our few days ago, and as they repeated in this latest email to the users.

eToro specifically has 17m users, according to Bloomberg, opening 380,000 new accounts in just over 10 days alone, and seeing 25 times higher volume than in the same period in 2020.

Have patience people https://t.co/7iOND7I58M

— Eric Wall (@ercwl)

Meanwhile, Google searches for “bitcoin” are now at 81% of the interest seen in 2017.