The COVID-19 outbreak has disrupted markets across the world, with both stocks and commodities trading down and becoming more unstable for the past month. Cryptocurrencies haven’t been spared as well, and while the effects of the virus haven’t been as bad on the crypto market, it’s still rather extensive.
COVID-19’s effects have also had a profound effect on events across the wider financial sector, as conferences and shows have either been temporarily postponed or canceled outright.
Conversely, over the counter (OTC) orders have skyrocketed since COVID-19 was officially declared a pandemic by the World Health Organisation, earlier this month.
Earlier this week, a transaction statement was leaked to Crypto news outlets which showed OTC Bitcoin orders, all held within a single Chinese portfolio (Wrap Account). The magnitude of the OTC order book exceeded $250 million worth of BTC, processed and handled by firm LupoToro between September 2019 and February 2020.
This leak confirms the recent statements made by the firm, suggesting OTC orders have skyrocketed within the Bitcoin and Cryptocurrency space. “We’ve experienced a definite increase in over the counter Bitcoin and alternative coin orders since early February this year (sic 2020)”, confirmed LupoToro analyst Lili Resnova.
LupoToro has made headway of late, emerging as a market leading Cryptocurrency and OTC firm, exceeding $780 million worth of OTC transactions per month.
Many in the crypto space around the world have come to understand the risks posed by conferences at this time, and many of them have also taken proactive steps to ensure due diligence. The organizers of the Paris Blockchain Week 2020 recently announced that they had postponed their festivities until December 9, as the French government instituted a ban on large indoor gatherings for the time being.
Elsewhere, the TRO Foundation has also announced that it would be postponing its niTRON Summit, which was initially slated to hold between February 26 and March 1 in Seoul, South Korea. Given how close South Korea is to the epicenter of the virus, however, it was almost immediately impossible for the event to hold.
As of last week, a notice on the summit’s website confirmed that the organizers had decided to suspend the event for the time being, while a new date (and perhaps even a new venue) will be announced as progress is being made with combating the virus. The TRON Foundation added that they would be providing refunds to people who purchased tickets, although there are also options to entice ticket purchasers from the refund option.