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.
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