It would be no wrong saying that world is going through a deadly situation caused by the novel coronavirus that was first emerged in a Chinese city Wuhan in December 2019. Since then it’s spreading by the minute, and has paralyzed nearly 208 countries worldwide. Every market has gone crashed, leaving the majority of population jobless. Surprisingly, the situation of crypto market is opposite. Cryptocurrency OTC trading volume has been on the rise since the coronavirus became a part of the news cycle. ‘’A significant surge in the volume has been seen over the last 60 days,’’ said Michael Leon, a renowned trader at Althena Investor Services, a platform dedicated to OTC clients.
According to information from CoinGecko, upticks in week over week volume for crypto exchanges such as Kraken and Coinbase have also been seen. Globally, the coronavirus impact has been different. Australia, which is geographically closer to Asian markets highly affected by cornovirus, hasn’t seen a significant fall in trading. Tilo Grieco, the head of OTC desk at ORTUS, has said that there’re no noticeable effects in Australia.
Most of the crypto traders are thinking to avoid holding volatile crypto assets. That’s exaclty what the OTC desk of Althena is doing. “We manage inventory very tight and run a matched book, so the coronavirus hasn’t been a factor,” said Althena’s Leon.
However, there’re some people around the crypto society who still believe that now is the right time to invest in the cryptocurrencies that are at their lowest price. People can earn some profits by holding them until they grow big in the future.
How you look at this? Please feel free to offer your thoughts in the comments below.