[2017-07-19] Kraken Estimates Last Quarter’s Trading Volume 10x Previous High

[tyz]

Kraken Estimates Last Quarter’s Trading Volume 10x Previous High

Kraken’s CEO, Jesse Powell, has stated the cryptocurrency exchange’s volume during the second quarter of 2017 comprised 10x more trade than during the company’s preceding all time high. Despite this incredible spike in volume, Powell speculated that the cryptocurrency markets will likely see growth of 10x to 100x in coming years.

During a recent interview on Trace Mayer’s Bitcoin Knowledge Podcast, Kraken CEO, Jesse Powell, detailed the enormous growth witnessed by the cryptocurrency exchange during 2017. When compared with the company’s preceding all-time highs, Powell describes last quarter’s growth as having been “immense”, with total trading volume comprising “maybe 10x above the largest previous quarter”.

https://news.bitcoin.com/kraken-estimates-last-quarters-trading-volume-10x-previous-high/

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[LeGaulois]

It can explain indirectly all the horrible delays people are facing there, for verifications, deposits, etc. If it's a general trend that can be observed with others exchanges, it's a good signal for the cryptocurrencies. I hope to see them updating all the thousand support tickets from people in waiting mode

[TravelMug]

It can explain indirectly all the horrible delays people are facing there, for verifications, deposits, etc. If it's a general trend that can be observed with others exchanges, it's a good signal for the cryptocurrencies. I hope to see them updating all the thousand support tickets from people in waiting mode

Crazy numbers. They didn't expect the volume to be like that and that is why we are seeing a lot of issues still unresolved as of lately. They need to hire more guys to support them infrastructure wise. Servers need to be upgraded specially trading platforms have been targeted lately for DDoS attack. They are expecting that it will grow exponentially so I hope they are now mitigating risk to avoid issues with customers.

[1Referee]

Crypto in general is extremely hot as we speak, so it doesn't surprise me a single bit that the volumes have shot up to insane levels. I must however point out that after a while, these volumes will come down again as we can't see the price go up continuously. It's basically the same as what happened back in 2013 where the price reached it's previous all time high. Crypto was insanely hot, even to such extent, that people were buying whatever crypto coin at whatever price, just in the hope that they will end up in the green. Current hype pushes things even a few levels further. One thing I do blame the exchanges for, is that now they have seen their userbase increase significantly, and so their income from trading fees, they should hire more capable people to enlarge their staff. It's insane that people in some cases have to wait for several weeks to either get a problem solved, or to fully verify themselves.