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About a month ago, Virtu Financial, a high-frequency trading and marketing firm along with venture capital firms Paradigm and Sequoia Capital, collaborated with Citadel Securities, a U.S. electronic trading giant to develop a “cryptocurrency trading ecosystem.” Recently, Virtu Financial has also taken a big step into the crypto market. During its second-quarter earnings, Virtu announced that it made market making on major crypto venues.
On the other hand, Goldman Sachs Group, a leading global investment banking, securities and investment management firm, has grown its client-facing crypto offering with a derivatives product linked to ether (ETH).Goldman Sachs CEO Doug Cifu shared that their expansion into the crypto currency market will continue to make progress while the crypto market doubles from Q1 to Q2.
Meanwhile, Glassnode reveals that crypto investors are withdrawing from crypto exchanges at the “most aggressive rate in history.” Last month, the total exchange outflows in June was recorded to be 151,000 BTC, which amounts to roughly $3 billion, as of this writing.The top whales wallets are the main receivers of these outflows on the cryptocurrency blockchain.
At the time of writing, the leading cryptocurrency was trading at $20,473.06, up 1.87% in the last 24 hours. The recent crypto crash has resulted in a significant drop in the price of the top asset.
Here’s what Bitfinex Market Analysts think about these firms’ latest venture into crypto:
“Bitcoin is a frontier asset class that offers myriad opportunities for Wall Street trading firms. Virtu’s decision to invest more resources in its bitcoin trading operations demonstrates that not only is crypto here to stay but it will inevitably become a hugely important market. This move follows Goldman’s decision to expand its client-facing crypto offering with a derivatives product linked to Ethereum.”
Established in 2012, Bitfinex is one of the oldest and most prominent cryptocurrency exchanges in the crypto industry. Bitfinex serves investors around the globe by providing them crypto trading services. Bitfinex also provides access to peer-to-peer financing, the OTC market and financed trading for several crypto assets. Meanwhile Bitfinex traders and Market analysts have years of valuable experience in the crypto field.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
