Finance
Veterans of FX’s Wilder Days Are Loving Bitcoin’s Volatility
Some Wall Street traders have embraced the cryptocurrency because its manic moments remind them of yesteryears.
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Rob Catalanello could’ve sworn he’d seen everything in his more than two decades on various foreign exchange desks in New York, from the unpegging of Brazil’s and Argentina’s currencies from the dollar to the Russian debt crisis.
Then he started trading Bitcoin. In March, when the cryptocurrency plunged more than 30%, “it was more busy than any day I saw in 20-odd years in FX,” Catalanello says. “Just the amount of deals, the violence of the move, the unpredictability of the move, and the amount of risk that we had to hedge.”