Goldman Sachs backed Circle says crypto trading market is "robust"
Circle says the cryptocurrency trading markets are robust, despite slightly less trading volume overall.
Circle Trade is the trading arm of Circle and they have recently increased their minimum trade size to $500k.
Before you freak out, Circle is not a normal crypto exchange. They offer services for large net worth investors in the OTC (over the counter) markets.
Exchanges like bittrex and kraken and many of the other retail exchanges could not accommodate an investor wanting to buy or sell $5 million worth of bitcoin all at once.
The order would take out the entire order book and make prices even more volatile than they already are.
That is where OTC exchanges come into play.
Volumes are down across the board but are increasing at Circle.
The average 24 hour trading volume is down to about $20 billion per day, whereas it was around $70 billion per day back in the early part of 2018.
However, at Circle large orders are starting to pick up.
Circle said that previously the minimum ticket size was $250,000 but has since moved up to $500,000 per transaction recently, with the average trade size in the $1 million range.
Circle also said that they did some transactions worth north of a $100 million.
Over the last couple of months Circle has done $2 billion per month on average in volume.
(Source: https://decentral.market/2018/02/26/goldman-sachs-backed-circle-acquires-poloniex-crypto-exchange/)
Circle has some other big plans for cryptocurrency.
You may recall hearing about Circle purchasing Poloniex several months back as well.
The plan is to turn Poloniex into one of the biggest cryptocurrency exchanges in the world.
Circle said they will be increasing the number of coins on the Poloniex exchange, increasing the regions where Poloniex makes markets, and also said they are looking at adding fiat on/off ramps on Poloniex.
It appears there are several large exchanges looking at adding fiat on/off ramps which could be very interesting for how it shapes the crypto markets going forward.
Bitcoin would no longer be the gateway drug for the entire crypto ecosystem.
More about Circle and their trading volumes can be found here:
http://www.businessinsider.com/circle-trade-ups-bitcoin-trade-minimum-2018-4
Stay informed my friends.
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Let’s not forget they purchased 440k bitcoins during the dip to $5800. They are full invested
ya a touch biased
nice move
Coinbase better up their game and start adding quality alts very soon, or the competition will eat them up in no time.
Agreed. I think they see that coming and are diversifying their revenue streams with all their recent acquisitions.
I'm sure like all other industries the ones making money early on will buy off regulators to make it tough for others to take market share. I hope crypto market grows so quick that the best get rewarded.
no wonder why there was a sudden jump, so big investor is now entering the crypto world, and i'm excited to that, i hope they will pour some of their money to steem :D. But having a almost a trillion marketcap for cryptos is just the beginning, and we wil see further institution to jump, after this regulation thingy. :)
Thanks for the info my STEEMING friend!
💰🤑💰
I can't wait to see what happens! Upvoted!!
Get in ahead of the heard. The elephants are coming. Exciting times are here again. :-).
How decentralized is Circle? If it is centralized, then we are still running into the major flaw/problem, down the road where everyone starts getting friendly with it, then it turns its back on us and bite us in the arse! This is a classic move and I wonder how this applies to this case.
Complimenting the crypto world by saying it is robust, means that the previous attacks were deep and strong enough to obliterate this new phenomena...
I'd rather put my money where decentralization is law, empowering us all while investing on a fully open and free platform such as the one Bitshares offers. Centralizing the trading toward a new hype might give exposure to this racket, but is it really there to stay or actually be benevolently helpful? I can't help but wonder, especially since there seems to be some degree of collusion between Goldman Sachs and this new venture...
Namaste :)
Yeah dude and now alts time go to moon haha
THE SKY IS FALLING THE SKY IS FALLING!!!!!
Damn, they didn't fall for it.
We are now offering coins, come one come alt!
This has been a paid advertisement.
Goldman Sachs the name to trust in alt coins.
(this poster is not in anyway associated with Goldman Sachs and makes no such warranties or guarantees of any Goldman Sachs products or services)
Oh the HUMANITY!!!!!
Coinbase and all exchange houses must change paradigms and improve due to the growth and competition in the virtual currency market.