Future Of Crypto Trading Looks Bright After Nasdaq CEO Blessing
Cryptocurrency investors perked up after Nasdaq CEO Adena Friedman said that Nasdaq would be open to trading in cryptocurrencies, once it has been properly regulated by the Securities and Exchange Commission. This should be that very difficult, since Nasdaq already supports a number of cryptocurrency exchanges.
This blessing from Nasdaq CEO to the cryptocurrency industry, since all major cryptocurrencies hit a slump on Wednesday.
The remarks from Friedman is yet another indication that Bitcoin and others cryptocurrencies in the market are more than just a flash in the pan. The acknowledgement from Nasdaq further confirms that cryptocurrencies are here to stay and that they are a serious part of the market.
Friedman’s blessing is just the latest step that Nasdaq is taking to accept cryptocurrencies. Nasdaq had earlier announced a collaboration with cryptocurrency exchange Gemini. It has also worked with Reality Shares, an ETF firm, to help launch two blockchain-related funds.
In a statement, Eric Ervin, CEO of Reality Shares, said
If you were to rank interest in cryptocurrency on a scale of zero to 10, Friedman would be a six. She would help get the SEC comfortable with cryptocurrency trading. She would not passively wait for them to get on board. If the SEC wanted her opinion, she would give it a thumbs up.
Stock Exchanges Open To Cryptocurrency Trading
Do note that Friedman’s support is just her opinion, but it does show a probable direction for Nasdaq’s efforts. We may see a Bitcoin futures contract being offered in the future. This is not unique since other foreign securities exchanges are looking in to trading cryptocurrencies. For example, the Moscow Stock Exchange announced in 2017 that they would build a platform that allows for the trading of cryptocurrency.
Cryptocurrency investors and backers are patiently waiting for the SEC to release an official set of regulations that will govern the cryptocurrency market. This will not only give them more confidence of investing and trading in cryptocurrencies but will also help boost the value of cryptocurrencies such as bitcoin as it brings more legitimacy to the cryptocurrency industry. With more than 1,000 cryptocurrencies on the market, there are dozens of exchanges wanting to drum up business by trading them. Many experts think that an investing boom will soon be on the horizon as many finance firms already have plans in place for crypto trading.
Kate is market industry expert who has spent majority of her life on wall street, she has thought to have a knack at picking the right stocks to invest into. With the rise in cryptocurrencies she has is now able to use her expertise to a new market and give us insights on what we can expect in the present and the future.