Cryptocurrency Trading Powerhouse Kraken: Record Growth and Legal Turbulence

Explosive Growth in OTC Trading

Nelson Minier, the head honcho of over-the-counter (OTC) trading at Kraken, recently spilled the beans on a podcast episode of The Scoop. According to Minier, the OTC desk has seen an astronomical increase in trades, soaring by a remarkable factor of 20 since the start of last year. Sounds like the crypto party is in full swing!

Bitcoin and Ether Taking Center Stage

When it comes to trading volume, it seems Bitcoin (BTC) and Ether (ETH) are the headliners. Minier refers to them playfully as the “whales” of the trading desk. He estimates that the top five cryptocurrencies traded by volume include Bitcoin, Ether, Bitcoin Cash (BCH), Monero (XMR), and Tether (USDT). Talk about a star-studded lineup!

Price Predictions: Riding the Bitcoin Wave

In a bid to provide some insight into the Bitcoin market, Minier shared his thoughts on price trajectories. He expressed optimism, stating, “I don’t see demand for this asset going down.” With an impending supply cut projected for May 2019, he emphasized that a higher Bitcoin price serves as the “best marketing tool we have.” Sounds like he’s banking on the bullish trend!

Facing Legal Challenges

But not all is smooth sailing for Kraken. In a twist, a former employee named Jonathan Silverman has filed a lawsuit against the platform for a whopping $900,000. Silverman, who once managed Kraken’s trading desk in New York, claims he wasn’t compensated according to an oral agreement with founder Jesse Powell. Adding fuel to the fire, he alleges that Kraken misled the public and regulators about its operations in New York.

Kraken’s Connection Woes

As if legal troubles weren’t enough, Kraken has also faced some technical hiccups. Just this month, reports surfaced about connection issues impacting both the site and its API. The company acknowledged the difficulties on Twitter, sparking a wave of concern among users. Talk about pulling the rug out from under your customers!

What’s Next for Kraken?

Despite the challenges, Kraken remains a heavyweight in the crypto trading arena. With a surge in OTC trading and a keen focus on Bitcoin and Ether, the platform aims to navigate these turbulent waters. The question remains: can they turn this tumultuous tide in their favor, or will they be caught in the undertow?