DRW Cumberland OTC Crypto Reports Sees Uptick in Large Bitcoin (BTC) Orders on Monday

Cumberland, a recognized crypto OTC desk run by DRW, reported that they have seen more than 10 bids of over 1,000 BTC on Monday evening. The information was released by Cumberland on Twitter on April 3 and reported by The Block.

Cumberland Reports Increase In BTC Orders

According to Cumberland, the OTC shop released a report about the 20% surge in the price of Bitcoin. As they have explained, BTC moved more than 10% in 8 weeks and they are expecting the digital asset to reach $5,500 and $5,800 which are strong resistance points.

Desk Update: For the first time in 8 weeks, BTC has moved more than 10%. We are watching for $5,000 (the next even number) and $5,500-$5,800 (strong resistance points which have previously caused several uptrend and downtrend selloffs to and from $20,000).

— Cumberland (@CumberlandSays) April 3, 2019

Cumberland operates since 2014 and it offers users the possibility to trade 40 different virtual currencies through OTC. They have also recently released a new electronic trading platform called Marea with the intention to interact with trading counter-parties.

Binance Registers Record Volumes

Bitcoin was traded around $4,100 when the digital asset moved up and surpassed $5,000 for a brief period of time. After it, the virtual currency dropped down to $4,900. Currently, each BTC can be purchased for $4,980 and it has a market capitalization of $87.76 billion.

At the same time, Binance, one of the largest digital platforms in the market, has registered record high trading volumes on April 2.

This shows that there was a general interest in purchasing Bitcoin as soon as it ended its bear market that started back in January 2017. Other virtual currencies such as Ethereum (ETH) have also registered all-time high volumes on Binance.

$BTC buy volume at an all time high on Binance. pic.twitter.com/inxCpaEM7J

— Galaxy (@galaxyBTC) April 2, 2019