BTSE Increases The Limit For RFQ Due To Demand For Bitcoin
BTSE Increases The Limit For RFQ Due To Demand For Bitcoin
May 1, 2020
BTSE Increases The Limit For RFQ Due To Demand For Bitcoin
BTSE Increases The Limit For RFQ Due To Demand For Bitcoin
May 1, 2020

BTSE, a cryptocurrency exchange and futures trading platform, has increased the limit for its over-the-counter request for quote (RFQ) due to increasing demand for Bitcoin in April, as RFQ is a trading system or tool used to overcome issues of price slippage and it is an electronic real-time message sent to liquidity providers connecting interested buyers or sellers.

It has been reported that the exchange said the limit, which has been changed from $100,000 to $1 million, represents a ten-fold increase resulting from growing investor demand in digital assets.

However, it comes at a time when Bitcoin’s continuous rally from its March 13 “Black Thursday” low of $3,850 saw prices reach as high as $9,463 on April 30.

Jonathan Leong, the CEO and Co-founder of BTSE, said:

“After being extremely undervalued throughout the greater part of March, bitcoin has made a full recovery in just one and a half months.”

Leong added:

“Approaching the halving, I see the outlook as very bullish.”

Moreover, Leong stated:

“We’re hearing directly from our users that bitcoin and other alternative forms of finance are increasingly in demand. Users are demanding this limit increase.”

As per the report, the quote is provided by a provider, in response to an RFQ by other market participants, i.e., buyers/sellers, as it is similar to the way trading pits on a stock exchange floor operate, where traders yell across the pit and seeking a market.

ALSO READ :  Dubai, Emirates NBD Sign MoU on Blockchain Trade Finance Solutions

Likewise, BTSE aspired to raise $50 million in one of the first token offerings on the Liquid Network, the parallel system to Bitcoin created by startup Blockstream.

After completing its private sale in February 2020, BTSE offered 1 million BTSE tokens during their public token sale in March through the exchange.

Thus, according to Leong, the tokens sold out within the first four hours.

Source: Coindesk | Image: The Block Crypto


Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.