A private Hong Kong-based trading house has announced the support for trading Ethereum on its OTC desk. Hong Kong trading house Octagon Strategy ha
A private Hong Kong-based trading house has announced the support for trading Ethereum on its OTC desk.
Hong Kong trading house Octagon Strategy has added Ethereum to its list of supported cryptocurrencies.
As Ryan Rabaglia, head trader of Octagon Strategy, commented, the company`s largest traded asset remains bitcoin. He added that the buyers are diversifying into other assets such as Ethereum. The latter has hit a series of all-time high in March as its prices have nearly tripled in the period.
“Recent news coverage and high prices have driven interest in the wider digital assets sector. In the past year, the total market cap for Ethereum has risen from $875 Million USD to over $4.5 Billion USD.”, said Rabaglia as quoted by cryptocoinnews.com.
“Savvy buyers have been clamoring for access to the market and the challenge for interested parties has traditionally been the difficulty to enter.”, elaborated he in an attempt to explain his decision to include support for Ethereum.
In late March, the cryptocurrency received approval from New York`s financial regulator that allowed trading of Ethereum and Litecoin to users in the state.
“New York continues to lead the nation in fostering financial technology by responsibly promoting innovation and protecting consumers. DFS has proven that the state regulatory system is the best way to supervise and cultivate a thriving fintech industry, like virtual currency.”, said DFS Superintendent Maria Vullo in statements.
As of 10 April 2017, Ethereum has a market cap of $3,892,116,710, a 24-hour volume of $53,967,600 and a circulating supply of 90,578,800 ETH.