After a couple of decades of trading within the energy sector, a Wall Street veteran has gained a second wind in trading, and this time, it’s with cryptocurrencies. This $2.4 trillion market may be extremely volatile, but it has without a doubt piqued the interest of many.
The oldest tricks in trading now being used in crypto trading
Trey Griggs – a 51-year-old Wall Street trader is as of late using all the tricks of the trade that he knows to take advantage of the industry’s “rampant inefficiencies, volatility, and downright weirdness,” Bloomberg reports.
He may be considered a noob in this financial arena hot spot, but since he already has 20 years of experience under his belt, he utilizes what are described as “systematic strategies” that are proven to work:
- Futures trading
- Options writing and
- Price arbitrage
The GSR Markets’ U.S. chief executive officer also said, “All the fun that used to be had 30 years ago in the commodity markets and is no longer fun” and went on to say that the fun now is in cryptocurrencies. It was also noted that as the increasing number of investors are getting behind Bitcoin, “boutique firms” like Galaxy Investment Partners CEO Mike Novogratz are also entering the fray.
GSR’s ‘bread and butter’
If you’re planning to hop on this crypto bandwagon and are a-okay with this market’s frequent price swings, exchange hack threats, and Byzantine market structure, these so-called complex fast-money trades are providing an alternate route on this emerging digital market.
Over at Grigg’s GSR, one of their main expertise is market-making meaning “traders pocket the spread between buy and sell orders. That said, GSR can take advantage of the massive volumes of exchanges within the cryptocurrency market since they offer free access at a slower pace. This is way different in stock where the likes of Virtu Financial and Citadel Securities operate at high speeds.
With the continuing rallies of major digital currencies this year, it’s highly probable that it will lure in more Wall Street converts out there who are looking for new thrills and of course, riches.
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