The head of over-the-counter (OTC) trading at the massive cryptocurrency platform Kraken, Nelson Minier has come out to say that the OTC desk’s trades per month have increased by around 20x since the start of last year.
Minier took part in The Block podcast where he expressed his thoughts earlier this week. The OTC head went onto say that “Bitcoin and Ether are the big — the whales of our desk,” as well as estimating that Bitcoin, Ethereum, Monero and Bitcoin Cash and Tether were the top five cryptocurrencies traded by volume.
Giving his estimation on the Bitcoin price, Minier said:
“Bitcoin makes liars of all of us at some point especially the price. And you know I think the best case scenario for me is I don’t see demand for this asset going down but I do know that supply is going to cut in half sometime late May 2020. Another thing that I know about bitcoin is the higher prices is the best marketing tool we have. So I feel like we ended the bear market.”
Before we go any further though, it’s worth saying that we aren’t financial investors and this isn’t financial advice. Please do your own research before putting your money in a cryptocurrency and always remember to trade safe!
Earlier this year in April, a former Kraken employee by the name of Jonathan Silverman took the platform to curt for upwards of $900,000. Silverman allegedly managed Kraken’s trading desk in New York but was compensated in accordance with an oral agreement with the founder of the exchange, Jesse Powell. Furthermore, Silverman said that Kraken was lying about not operating in the big apple as he states in his lawsuit...
“Misrepresenting to the public and government regulators that it was not operating in New York; when in reality, Kraken’s OTC practice, and OTC trading (including logging into the Kraken exchange and negotiating wire transfers) occurred almost exclusively in New York.”
Christina Vee, a spokeswoman for Kraken claimed that the former employee was “both lying and in breach of his confidentiality agreement.”