Home » Crypto OTC desks reporting record volumes

Crypto OTC desks reporting record volumes

by Brian Armstrong
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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. 


The information discussed by The Coin Magazine is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Do your due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright The Coin Magazine All rights reserved.

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