#CryptoCorner Episode 433: BTC Weathers “Flash Crash” to Maintain $11K Support, Galaxy Digital (TSX: $GLXY.TO) Sees “Near Record” Trading Levels, TASE to Launch #Blockchain Securities Platform
#CryptoCorner
Episode 433: BTC Weathers “Flash Crash” to Maintain $11K Support, Galaxy
Digital (TSX: $GLXY.TO) Sees “Near Record” Trading Levels, TASE to Launch #Blockchain
Securities Platform
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to today’s Crypto Corner Podcast:
https://www.investorideas.com/Audio/Podcasts/2020/080320-CryptoMarket.mp3
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Stocks discussed: (TSX:GLXY)
Bitcoin (BTC) weathered the past weekend to enter
August’s first week with its $11,000 support level intact. At press time, it is
trading for about $11,200, according to data from CoinMarketCap.
Over the weekend, Bitcoin first climbed to around $11,969 on Sunday, only to
experience a “flash crash” of $1,458 in 10 minutes, pulling it down to $10,659,
according to data from CoinDesk. That publication goes on to indicate
that this crash led to the liquidation of “nearly $1.4 billion worth of
positions across major exchanges,” “$144 million worth of sell liquidations or
forced closure of long positions on BitMEX, the highest since May 10,” and
more, as buying pressure was reduced in the market. As we have seen, however,
this doesn’t as of yet seem to have spoiled investors’ confidence in the
cryptocurrency.
Max Keiser, founder
of Heisenberg Capital and host of markets and finance show the Keiser Report, tweeted, admittedly before Sunday’s brief
crash:
The $20,000 level for #Bitcoin
won’t pose any resistance. We won’t see any resistance till $28,000. A brief pullback
then the assault on $100,000 begins with renewed vigor.
The Block reports that Galaxy Digital Holdings
Ltd. (TSX:GLXY) is experiencing “near record levels”
of trading volume amid Bitcoin’s current rally. Tim Plakas, sales lead for
Galaxy Digital Trading, told the publication via email:
"We’ve seen a strong increase in volumes through
our desk since the start of the year as our institutional counterparty base has
grown in size and sophistication. In terms of the recent move higher, the
uptick in volumes we’ve seen will put this month on track to be at record
levels in-line with what we saw during the climb out of crypto winter back in
spring 2019."
A recent announcement from the Tel Aviv Stock Exchange
(TASE) revealed plans for the launch of a “central system for securities
lending based on blockchain technology.” Orly Greenfeld, Senior Vice President
and Director of the Exchange's Clearing Department, explained:
“The Tel Aviv Stock Exchange is proud to launch the
first loan database system of its kind, as a secure, innovative and groundbreaking
platform. Blockchain technology will enable securities lending trading while
securing information and supporting the increase in the number of transactions.
The stock exchange is a world leader in the field of financial technological
innovation, and continues to work for the development of the capital market as
part of its strategic plan."
Sam
Mowers, Investorideas
For
investors following the sector Investor Ideas has a comprehensive Bitcoin, Blockchain
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