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Circleâs CEO is bullish on Bitcoin trading making a comeback as the company doubles its trade minimum to $500,000.
The over-the-counter (OTC) trading platform of Goldman Sachs-backed financial services startup Circle doubled its minimum Bitcoin trade amount to $500,000 amid what it calls a ârobust marketâ, Business Insider reports Monday, April 23.
In comments to Business Insider, Circle CEO Jeremy Allaire said the move preempts a U-turn in crypto trading markets, which saw volumes decline in Q1 this year as Bitcoin and altcoin asset prices fell.
âThe minimum ticket size has moved up to $500,000 with an average of $1 million,â he told the publication, noting the companyâs OTC platform Circle Trade routinely handles transactions over $100 mln, adding â[t]hat watermark will continue to rise.â
Circle has made a conspicuous return to the cryptocurrency industry this year, most directly in its acquisition of major crypto exchange Poloniex in February.
Going forward, proponents of OTC trading see advantages in offering large-scale investors a method to interact with Bitcoin âwholesale,â an option which traditional exchanges with less liquidity cannot match.
âIf I have $5 million, I canât do that trade on GDAX,â an unnamed industry source added to Business Insider.
Last week, Cointelegraph reported on rumors Brazilâs biggest investment firm was preparing to launch an OTC exchange of its own.
Hitting $9,000 on April 21 and fluctuating around that mark since, Bitcoin continues to spark fresh optimism about prices hitting new all-time highs in the near future, with recent predictions from industry insiders running as high as $250,000 per coin.
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The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.