The major Bitcoin exchange Huobi is in our latest cryptocurrency news for launching an over-the-counter (OTC) trading desk for institutional investors. According to an official blog post on May 15, the new Huobi OTC Desk (which is its name too) will be fully regulated by the Gibraltar Financial Services Commission (FSC) and is designed to enable major fiat-to-crypto and crypto-to-crypto trading pairs.
What’s different in the new Huobi OTC Desk is the OTC trading process which differs from the existing Huobi OTC retail products. It is designed under Huobi Technology, which is Huobi’s regulated OTC trading entity in Gibraltar. The existing OTC offering, on the other hand (otc.hbg.com), enables peer to peer (P2P) tradings under Huobi Global, as the firm officially clarified.
The Senior Sales Manager for Huobi Global, Jeff Adams, had the privilege to comment on the launch of the new Huobi OTC Desk which was featured in the coming altcoin news. As he said, this launch was driven by the demand from investors for large volume transactions, claiming that the company has seen a “unified need” for such services.
Adams spoke at a special Huobi meetup event held in New York. He also stressed the surge of interest by traditional traders who according to him, “are still uncomfortable jumping into unregulated trading environments.”
Meanwhile, the Huobi OTC Desk was also presented as a platform that supports major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), as well as many fiat currencies including the US dollar (USD), British Pound Sterling (GBP) and Euro (EUR).
The launch of the Huobi OTC Desk follows the acquisition of a Distributed Ledger Technology (DLT) license from the Gibraltar FSC which was given in late 2018 – and which enabled the exchange to attract institutional investors so far.
Aside from the OTC desk launch, Huobi recently reported that its P2P OTC desk is now one of the most traded OTC platforms worldwide. With features such as OTC transactions in Bitcoin, Ether, EOS, USDT, XRP and the Huobi Token (HT), it was featured on many best cryptocurrency news sites.
OTC trading is definitely more than just a buzzword in the crypto space. Besides Huobi, Binance also reported that its OTC offering drove major profits during the first quarter of 2019.
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“The acceptance of Block.one’s tender offer reflected a decision to rebalance the portfolio to maintain an appropriate level of diversification after the position increased due to its substantial outperformance relative to the remainder of the portfolio,” Novogratz then said.As the filing shows, Galaxy Digital Bank can attribute much of this loss to its principal investing and trading businesses, presumably due to the fact that November and December saw Bitcoin and many other coins falling to fresh lows, as the altcoin news showed. The filing notes that Galaxy Digital Bank is primarily founded by Novogratz's wealth, 20% of which is purportedly invested in Bitcoin and Ethereum. Even though the company lost $272.7 million in all of 2018, much of the losses were incurred as a result of sale of cryptocurrency. One Twitter analyst also went in detail on this. https://twitter.com/zhusu/status/1126394118093950983 However, this is not the end of Novogratz & co. The report revealed that as 2018 ended, Galaxy Digital Bank owned $350 million of assets, 50% of which constituted equity/stake in prominent industry startups. More importantly, Galaxy Digital announced the launch of another fund (rumored with hundreds of millions in funding) which will loan out capital to cryptocurrency firms - a business which has boomed during the 2018 bear market - as the latest cryptocurrency news show.
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“BSV doubled on Craig’s copyright news. This is only the start of him proving BSV is the only bitcoin. Now is a great time to convert all your other shite coins to Bitcoin.”However, as reported in the latest cryptocurrency news, the copyright does not entitle Craig Wright with any exclusive rights on Bitcoin. It seems as the big pockets are pouring and pumping the Bitcoin SV market to confirm the ‘’we-are-the-best’’ slogan. A massive 200 price surge is one of the reasons why traders should restrain themselves from buying the high or the lower lows. The Bitcoin SV (BSV) price corrected up to 53 percent before establishing a historic high at $195 on Huobi. The market bias is currently bullish and the majority of the technical indicators signal the strong buying sentiment. With the flawed fundamentals, a dump right now should not surprise the market.
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