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Wall Street traders like Trey Griggs are finding a new lease on life in the $US2.4 trillion ($3.1 trillion) crypto Wild West.
After two decades in energy trading, the 51-year-old was lured by a former Goldman Sachs colleague this February into a new world of market-making in digital currencies.
Wall Street veterans are using old tricks to capitalise on inefficiencies in cryptocurrencies.
Credit:AP
Now he’s in fighting spirits - unleashing old-school finance tricks to exploit the industry’s rampant inefficiencies, volatility and downright weirdness.
“All the fun that used to be had 30 years ago in the commodity markets and is no longer fun that fun is now in crypto,” says the US chief executive officer at GSR Markets in Houston.
Stocks Close Little Changed Ahead of Big Tech Earnings
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Tech Stocks Lead S&P 500, Nasdaq Lower
morningstar.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from morningstar.com Daily Mail and Mail on Sunday newspapers.
Stocks Little Changed Ahead of Big Tech Earnings
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By Joe Wallace and Michael Wursthorn U.S. stocks hovered near record levels as investors sold shares of technology and communications stocks and Treasury yields climbed. The S&P 500 bounced around the flatline most of the trading session a day after setting its 24th closing record of the year. Tesla shares were among the broad index s biggest decliners after the electric car maker s latest quarterly report underwhelmed investors. Shares of other big tech companies that are due to report earnings, including Microsoft, Google parent Alphabet and Spotify Technology, also struggled. Tuesday s trading session is the latest in a volatile stretch that has seen the broader stock market grind higher rather than continue its rocket-like climb of last year. Better-than-expected earnings across the board have helped the market hit a series of records in recent sessions, but the benefits appear to be on the margins as investor