Coronavirus Is Changing How Crypto Markets Are Trading

Cryptocurrency traders are contending with volatile markets due to coronavirus. Since Feb. 25, the number of new COVID-19 cases reported in the rest of the world has surpassed new cases in China, according to the World Health Organization. 

Fear the virus’ spread will lead to a pandemic that could slow the global economy is dragging down stock prices; the S&P 500 index is in the red by 10 percent since the beginning of 2020. Bitcoin (BTC) has also taken a hit, with the cryptocurrency trading below $9,000 for the first time since January, although as of Feb, 28 it is still up 20 percent for the year to date. 

Meanwhile, cryptocurrency over-the-counter (OTC) trading volume has been on the rise since the virus became a constant part of the news cycle. “We have been seeing a significant uptick in volume over the last 60 days,” said Michael Leon, a trader at Chicago-based Althena Investor Services, which specializes in serving OTC clients. Upticks in week-over-week volume for…