Kraken OTC’s 8 out of 10 trades are in Bitcoin: Nelson Minier

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Anurag Agarwalhttps://www.thecoinrepublic.com
Anurag Agarwal is a writer for Thecoinrepublic. He is pursuant of B.tech in biotechnology from M.I.E.T Meerut, who's passion is to read and express through the medium of words. He is contributing the regular in-depth analysis of News and updates.

Kraken OTC’s 8 out of 10 trades are in Bitcoin: Nelson Minier

  • Nelson Minier has a long story before joining cryptocurrency exchange in Kraken OTC desk.
  • Kraken is one of the oldest cryptocurrency in the market.
  • Before Kraken’s OTC business was built, Minier was the world’s largest Venezuelan bond trader.

OTC

Over the counter desk is the deal for customers of any company who always wish to conduct large orders and don’t want to expose them or place them on a public exchange and cause disruption. In the OTC desk generally, the trading of crypto assets directly takes place between two parties which don’t have any public involvement.

Crypto coin doesn’t have any centralized server used for its issuing, transactions and storing as it uses distributed network public database technology named blockchain. Currently, Bitcoin’s market cap surpasses $138 billion and this is the most popular kind of digital currency. 

The scoop: a conversation with Nelson Minier

Nelson Minier said that it was the volatility and the price action that attracted him to the cryptocurrency world. At first, he approached the company Kraken as he has always been a fan of that company and he felt like its a company that takes the ethos of space behind it. 

For the context in 2018 Kraken did $85 billion worth volume. According to him the typical top 5 assets on coin market cap are Bitcoin ether, Bitcoin Cash, Monero, tether. He thinks that Bitcoin makes liars of all us at some point especially the price as no one can expect the price of Bitcoin exactly. Markets became very very efficient in the last couple of years. 

In Kraken, the trading was structured very much like a foreign exchange desk. Most of the firms in New York are domiciled. For those who watched the price of Bitcoin go from $13 in December 2012 to roughly $4000 today, this recent drop was no reason to panic.

“I think it’s still one of the most volatile assets on the planet, even now the price may drop in a few blinks,” said Minier

Nelson Minier follows Venezuela a lot as he traded well for over a decade. Though the price of Bitcoin may drop in just a blink of an eye he strongly believes that Bitcoin is starting to act like safe heaven and people are starting to portfolio manage, are starting to come in slowly and when the market is getting shaky you saw Bitcoin rise. 

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