On 22 April, Cryptopolis, an analyst on Strong Market, a leading quantitative trading analytics service, suggested through his tweet that one of the leading stock exchanges of the world, NASDAQ is testing the trading of a Bitcoin-based product.
Cryptopolis is also a renowned Twitter personality. In fact, it was on Twitter that he revealed to his massive follower base that through an account on the retail Brokerage firm TD Ameritrade (NASDAQ: AMTD), he had been able to buy one Bitcoin. According to him, the Bitcoin-based product was trading under the symbol – CXERX, against the US dollar. He further stated that the trading pair was launched on 10 April as mentioned in the charts of the platform.
Ambiguity and Speculation Over CXERX Purpose
Following this, Cryptopolis reached out to the trading desk of Ameritrade. However, he did not receive an adequate response. He had enquired the executive about the CXERX trading pair, as it was a new trading symbol.
However, as it was only in his paper trading account and not on the live one, the company refused to comment on it. Although the support exec did state that it is most probably a test. However, it can be an Index or a Foreign Exchange symbol as well.
The Gaining Momentum of Bitcoin
In late 2018, NASDAQ had confirmed its plans of launching Bitcoin Futures in 2019. Since February 2019 NASDAQ has started listing two cryptocurrency price indices – Bitcoin Liquid Index and Ethereum Liquid Index. Meanwhile, TD Ameritrade also announced its backing of the crypto exchange ErisX.
It seems with such higher liquidity, Bitcoin, and other cryptocurrencies are going to gain in value. Bitcoin has recently crossed the 5500 mark for the first time since its bull run last year and appears to be on an upward streak. It is likely to see a continued bullish trend in the near future.
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