Retail investors ‘bought the dip’ during last week’s bitcoin crash, says Simplex

Fiat-to-crypto onramps provider Simplex has said that retail investors “bought the dip” during last week’s bitcoin crash of over 50%.

The most popular cryptocurrency among buyers was bitcoin (BTC), which accounted for 59.6% of Simplex’s volumes during March 12-14, according to a statement shared with The Block on Tuesday.

Bitcoin was followed by Tether (USDT) stablecoin and ether (ETH), which accounted for 12.60% and 9.78% of volumes, respectively.

“The market downturn hasn’t dampened the public’s enthusiasm for purchasing crypto. In fact, it’s clear that many people have seen the recent dip as a buying opportunity rather than a sign that crypto’s investment thesis has been invalidated,” said Simplex CEO Nimrod Lehavi.

Geographically speaking, Europe accounted for 33.29% of Simplex’s purchasing volume during the period, followed by Asia (22.30%) and the U.S. (16.57%), per the statement.

Simplex said its partners, including crypto exchanges, saw a four times growth in purchasing volume during the period.

The firm currently provides fiat gateway infrastructure to several crypto exchanges, including Binance, Huobi, and Poloniex. Simplex has a total of over 120 partners globally.