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Uppish Momentum, Increasing OTC Volumes

Check out past issues of the newsletter along with more interesting crypto content as well as our rec

Satoshi&Co Daily Crypto Newsletter

July 9 · Issue #208 · View online
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Check out past issues of the newsletter along with more interesting crypto content as well as our recently-launched podcast series with leading crypto industry participants at our newly-launched website

Earlier today, a huge sell order for 7425 was placed at a price that is $200-400 below the rest of the market. The entire order got filled temporarily pushing the price of bitcoin down by about $400 in a matter of seconds, however, the bullish momentum quickly pushed the prices back up to the $12300 range. It is surprising that a large order of such size has been placed through an exchange as these kind of orders often get unfavorable execution on exchanges as the order size inevitably moves prices against the interests of the seller/buyer. 
7425 BTC sold on @binance in 23 minutes tonight. Limit ask set $200-400 below the rest of the market.

Someone REALLY wanted out.
OTC trading in crypto is seeing an increase in interest from traditional crypto exchanges which are looking to add businesses such as margin trading, futures trading and OTC trades to their suite of trading services. Over the past few months, we have witnessed leading centralized crypto exchanges such as Huobi, Binance and Coincheck launch OTC trading services as they aim to capture value in the crypto OTC market, where the trading volumes are 2-3x more than those on centralized exchanges. The strong demand for trading crypto OTC can be partly attributable to the regulatory uncertainty over cryptocurrencies in multiple jurisdictions and the lack of real depth in liquidity on traditional exchanges, causing users to flock towards OTC trading which provides more anonymity and less price slippage.  
Meanwhile in Crypto Wonderland....
“Positive Crypto Regulations Could Help Brexit”
The CEO of financial advisory giant deVere Group said positive cryptocurrency regulation should form a central part of the post-Brexit United Kingdom. Nigel Green made the comments in an interview with fintech news outlet Verdict on July 9. DeVere, which has around $10 billion of assets under advice, is concerned the U.K. will end up in recession in the event of a no-deal Brexit, which politicians have promised could happen as soon as October. As Cointelegraph reported, the U.K. has so far failed to provide a comprehensive regulatory roadmap for cryptocurrency, instead favoring a bearish approach which has even included ideas such as banning crypto derivatives.
“Polish Exchange Shuts Down Without Warning”
Polish cryptocurrency exchange Bitmarket has just shut down without warning. While it’s not clear exactly what caused the “loss of liquidity,” a Reddit post suggested that the exchange had been exhibiting odd behavior in the weeks prior to the closure. A Redditor with the username OdoBanks wrote that “red flags” included users being forced to change their passwords without explanation and withdrawals halted over unusual additional know-your-customer procedures. The firm had also not responded to claims it had been hacked.
“LG’s Patent Hints At A New Crypto Wallet”
South Korean electronics giant LG could be working on developing a cryptocurrency wallet, according to a filing with the U.S. Patent and Trademark Office (USPTO). LG filed an application last week for the trademark “ThinQ Wallet” for several uses such as “computer software platform for blockchain,” “mobile electronic wallet for cryptocurrency,” and “payment application software for mobile phones,” among others. Notably, LG already uses “ThinQ” trademark for its smartphone G7+. The giant has been exploring blockchain technology since as early as 2017, when it was working on a finance platform using R3’s Corda software. Back in September, LG was also reportedly working on launching a blockchain-based overseas payments service.
“Crypto Exchanges Queuing Up To Launch in Japan”
Following G20 meetings, where Japan led several discussions regarding crypto assets, the country’s top financial regulator told that 110 crypto exchanges are now interested in launching in Japan. The country recently passed a new cryptocurrency bill, and some approved crypto trading platforms have undergone changes. Under Japanese law, companies wanting to operate crypto exchanges are required to register with the country’s top financial regulator, the Financial Services Agency (FSA). There are currently 19 registrants operating in the country, 16 of which were approved in 2017 while three were approved this year. However, many more crypto exchange operators have expressed interest in entering the Japanese crypto space.
Tweet of the Day
Vijay Boyapati
#Bitcoin is an addictive financial drug. Side effects may include:

- lowered time preference
- increased desire for human freedom
- unexpected curiosity about Austrian economics

If you experience any of these symptoms immediately call a financial planner about how to buy more.
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