Category Archives: Cumberland

Auto Added by WPeMatico

Wall Street Observes Bullish Trend in OTC Crypto Trading

Wall St Observes Bullish Trend in OTC Crypto Trading in New Year Copy

With Wall Street pretty much sitting on the fence last year and major players pulling back from the brink when it comes to cryptocurrency, reports from New York’s banking hub seem to indicate that the crypto trade is gaining fresh impetus.

Many see large-scale investment being re-examined in 2019 after being scared off by Bitcoin’s December dip. Wall Street notably stood back prior to the end of the year with Goldman Sachs’ much-publicized plans to open a crypto trading desk called “top-of-the-market-hype thinking” by one New York executive.

Nasdaq is already supporting crypto exchanges and the company is certainly not new to cryptocurrency’s underlying technology, blockchain. Apart from its long-term relationship with blockchain startup, Chain, it has recently announced a collaboration with cryptocurrency exchange Gemini.

It appears that selling on over the counter (OTC) desks is now turning to buying, as crypto OTC firm Cumberland pointed out, with the crypto buyers and sellers dynamic shifting towards far more bullish territory this year to date.

Desk Update: Historically, our OTC trading is relatively balanced between buyers and sellers. Over the last week, our OTC buy/sell ratio (by notional value) has increased approximately 60% towards counterparties buying.

— Cumberland (@CumberlandSays) January 8, 2019

Michael Moro, the CEO of Genesis Trading, sees the same reaction by buyers to the new year following last year’s rush to sell off crypto assets for tax purposes agreeing:

“I’ll echo Cumberland’s sentiments. Year-end saw quite a bit of selling for numerous reasons (e.g., tax loss selling and liquidation of crypto donations). As the year turned, the selling pressure from such activities has subsided, and we have seen more buy-side interest pick up.”

Monica Summerville, Tabb Group’s director of fintech, claims that major crypto exchanges have less trade that the OTC market which she says is over three times more active, arguing that “the big deals go to OTC”.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: BitcoinNews.com

The post Wall Street Observes Bullish Trend in OTC Crypto Trading appeared first on BitcoinNews.com.

Asia on Fire with 50% Rise in Crypto and Blockchain Jobs Since 2017

The Asian blockchain jobs and employment market is booming with a 50% increase in industry roles since 2017.

UK-based specialist professional recruitment consultancy Robert Walters reports that startups and established corporations in Asia are on a recruitment drive, with many crypto industry positions now becoming more appealing to those from more conventional sectors.

Stalling cryptocurrency prices on the trading market hasn’t deterred Asian would be professionals seeking a change in direction in their careers, adding crypto exchanges and blockchain projects to their usual lists of possible employers such as IBM, Google and Amazon. Julian Hosp, co-founder of Singapore-based crypto wallet and card start-up TenX observed:

“We hardly ever hire from inside of crypto because most people inside of crypto are very inexperienced. You have very, very few people who are experienced who get into the crypto industry.”

John Mullaly, director of financial services at Robert Walters in Hong Kong agrees, suggesting that many blockchain enthusiasts lack the skills necessary to join the industry. Hosp suggests that employment interest comes in waves according to the ebb and flow of crypto prices:

“If crypto is doing well, if people are making money in crypto, we get huge inbound from people because they feel like, “I need to jump on this wave…”And then when you see crypto going down — then we see that immediately the demand of people, they’re like, “Oh no, this is a dying industry, I shouldn’t go in there.” So it’s completely emotional.”

The Asian job seeker interest was at its peak during the second half of 20017 in accordance with Bitcoin’s then rocketing price, dropping off as the flagship digital currency’s price fell in 2018. Despite this, data has shown that the interest in industry positions is still trending upwards.

As well as potential employees jumping from more conventional sectors, employers are often facilitating this, says  Justin Chow, Asia head of business development at Cumberland — the cryptocurrency division of trader DRW. Chow suggests that his company viewed hiring at its cryptocurrency division no different from hiring across all asset classes.

Indeed, Upwork, an American worldwide employment-related search engine states that:

The situation in Asia seems to mirror the US in that Bitcoin [job search] trends are much more volatile (and related to price volatility) and resulting media coverage while blockchain and cryptocurrency searches have seen a more consistent upwards trajectory.”

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Asia on Fire with 50% Rise in Crypto and Blockchain Jobs Since 2017 appeared first on BitcoinNews.com.