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Cryptocurrencies in Red Despite Nasdaq’s Bullish Announcements

By 04/25/2018 No Comments

Cryptocurrencies in Red Despite Nasdaq’s Bullish Announcements: Most major cryptocurrencies lost ground on Wednesday despite the super bullish news out of Nasdaq which gave the whole industry a new level of credibility.

In an interview with CNBC’s Squawk Box, Nasdaq’s CEO Adena Friedman said NASDAQ is open to becoming a platform for trading cryptocurrencies. That is, once they think the industry has matured and people are ready for a more regulated market. Friedman appeared confident in the industry and said he believes digital currencies will continue to persist.

 

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Also on Wednesday, NASDAQ announced a collaboration with cryptocurrency exchange Gemini, founded by early bitcoin investors.

Meanwhile, a Thomson Reuters survey claims that one in five financial institutions are considering cryptocurrency trading in 2018, with many planning to do so in the next few months.

On the other hand, and in the other side of the world, South Korea’s largest cryptocurrency exchange, Bithumb, is planning to allow millions us cryptocurrencies. Bithumb is reportedly on a mission to drastically improve the adoption of digital currencies in the country and evolve into a bank-like business to ensure its users can use cryptocurrencies with ease, like cash.

Despite these, the market ended Wednesday in red, with top 10 cryptocurrencies such as IOTA losing as much as 14%.

Just another reminder that you should manage your risk properly before getting into cryptocurrency investing.

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