The head of over the counter (OTC) trading at the major cryptocurrency platform Kraken recently stated that the Kraken OTC desk has seen a 2,000% increase in its trading volume compared to the last year numbers. Nelson Minier is the head of the desk and the person who gave the remarks in a new episode of The Block’s podcast named The Scoop – on August 20.
According to the Kraken OTC desk head, “Bitcoin and Ether are the big — the whales of our desk.” He additionally estimated that at press time, Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Monero (XMR) and Tether (USDT) are the top five cryptocurrencies traded by volume.
Minier was also featured on many best cryptocurrency news sites for his prediction on the Bitcoin price.
“I don’t see demand for this asset going down. But I do know that supply is gonna get cut in half, some time May 2019. And I think another thing I know about Bitcoin is that higher price is the best marketing tool we have,” the head of the Kraken OTC desk said.
What’s interesting is that in April this year, the altcoin news featured a lawsuit by a former Kraken employee named Jonathan Silverman, who sued the platform for more than $900,000. According to the ex-Kraken employee’s claims, he was not compensated in accordance with an oral agreement with the founder (Jesse Powell) for managing Kraken’s trading desk. Silverman also said that Kraken was lying about not operating in New York. As his lawsuit stated:
“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.”
A spokesperson for Kraken named Christina Vee later retorted and said that Silverman was “both lying and in breach of his confidentiality agreement.”
Besides this lawsuit and the new announcement by the Kraken OTC desk, the latest cryptocurrency news showed that Kraken has recently seen some troubles with its website as well as its application programming interface (API). On August 13, Kraken announced that it was receiving reports of connection issues for its API as well as its website performance.
Basic Attention Token Rises 11% After Perpetual Contract Launch
“We have seen an increase in institutional participation in trading, and these professional traders seek out the most efficient ways to trade very quickly, both in terms of cost and performance.”The announcement seems to have sparked a lot of interest among the market participants in the coin especially now since the Basic Attention Token rises significantly. Despite the bullish impulse, this cryptocurrency could face a huge retracement. The TD sequential indicator is presenting two selling signals and one in the form of a green nine candlestick while the other is a sequential 13 candle. These bearish formations show that the Basic Attention token could retrace to four candlesticks before going on further in the bullish trend. A spike in the selling pressure behind this crypto around the price levels could validate the bearish outlook so BAT could even plunge to the 78.6% Fibonacci Retracement level. Breaking below the support line could start a harsh decline to the 61.7 percent or 50 percent Fibonacci retracement levels. The launch of the BAT perpetual contract only boosted the demand for this cryptocurrency. if the BAT is able to close above its recent highs, it could climb further Basic Attention Token is now ranked at #31 by market cap. Besides this altcoin, we can see that almost every coin is in the green today. The Bitcoin price news, for instance, is showing that BTC managed to rise by 3% only this afternoon and is at $10,135, again in the five-digit zone and with a stable momentum.
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Lebanese People Turn To Bitcoin To Escape Dwindling Economy
“Right now, Lebanese are interested in escaping tight restrictions on cash withdrawals and transfers. They basically want financial freedom. If you want to go around the banking system, Bitcoin is a solution.”What is also important to note is that last year, the government unveiled new tax plans - a move that led to a series of angry protests. At the time, protesters called on Lebanon's established political class to step aside, accusing the government of corruption and incompetence. The authorities in the country just spoke to the International Monetary Fund (IMF), asking them to help find a solution to manage the country's debt. Meanwhile, the Lebanese people have already considered options like Bitcoin which is why they are featured in the crypto news by Al Jazeera and many other news portals. https://twitter.com/CryptoLira/status/1214206996406243329
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