Bitcoin’s
Price Drop Sees Activity Surge at Crypto OTC Desks
As the price of Bitcoin
plummeted and investors moved to safe-haven assets like gold and U.S.
T-bills, some in the cryptocurrency space were working hard to keep on making
money. A U.K.-based crypto trading firm B2C2 was reportedly beating its
record for volume trading, in fact.
Speaking to TheBlock, B2C2
founder Max Boonen revealed that the firm stayed online while working from
his living room, pricing orders throughout the market slide to deal as
trading volumes surged.
The CEO of crypto exchange
LMAX, David Mercer, reportedly noted that this is going to be a record week
for the trading platform, while expressing concern about a global
economic downturn that could affect business.
Amid the intense sell-off some
exchanges reportedly experience outages, which Genesis Global Trading head
Michael Moro noted is par for the course in such a market. He added:
"Given that crypto volatility is
basically the norm, quote outages from certain desks is par for the
course."
Per Moro, institutional
investors are split “60/40” on market sentiment, with the majority being on
the selling side.
