Cryptocurrency markets are busier than ever right now, all thanks to the rallying Bitcoin price, which has attracted high movement from potential buyers.
Various Over The Counter crypto trading platforms are reporting massive volumes with traders flocking in for grabbing a piece of the highly profitable ‘Bitcoin’ pie.
High OTC Trading Volumes
With more and more traders lining in for Bitcoin, the trading shops see their highest ever surge in business. The current high tide of the trading is a reminiscence of the 2017 high bitcoin trading season when B2C2 and Genesis global recorded gargantuan trading.
The trading volumes are soaring unprecedentedly, as the price of Bitcoin is surging. The recent extreme bullish run of Bitcoin is attributed to enormous institutional investment in Bitcoin and mainstream adoption of cryptocurrencies.
Most recently, PayPal announced Bitcoin‘s integration, allowing its users to hold, buy, and sell Bitcoin on its platform. Grayscale, MicroStrategy, and Square announced buying large amounts of Bitcoins. The recent surge in BTC price led to the rising OTC activity.
Genesis and Galaxy Report High Numbers
Genesis recorded a massive increase in its OTC trading volumes, attributing the current rally to the introduction of new institutions in the OTC market and crypto traders from the traditional communication platforms to the more efficient digital trading platforms.
Galaxy Digital, which expanded its global crypto trading business after acquiring Blue Fire capital and Drawbridge Lending in November this year, also recorded high OTC Bitcoin trading on its platform. Galaxy said that the record volumes are a trend ‘also driven by new institutions.’
The Trading Lead Tim Plakas noted that the “Flows through our desk are showing that new, larger institutional players are driving the market at this point, in terms of BTC specifically.”
The cryptocurrency markets are raging after a short drop last week. The BTC is again rallying over the $19.000 mark, and Ethereum is also trading above $600 as it enjoys the hype amid its successful 2.0 Launch.
The Block data reveals that more than $289 billion were traded in November across the crypto exchanges.
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