The R Roundup: NASDAQ Plots To Offer Crypto Institutional Services — Issue #55

NASDAQ being the second largest stock and considering crypto highlights how early blockchain is to specific clients. Reports are suggesting that NASDAQ is aiming to enter into crypto custody services and that the move is currently pending approval.

Tal Cohen, Nasdaq Inc’s executive vice president and head of North American markets did indeed confirm that the new subsidiary Nasdaq Digital Assets will initially offer services to institutional investors for the two majors Bitcoin & Ethereum.

Nasdaq seems to have chosen an interesting time to tap into the emerging asset class however it’s no surprise as we have seen clients like Barclays, BNP Paribas and Samsung showing interest in the markets.

MicroStrategy Back To Buying Bitcoin🍊

We have previously covered Microstrategy's habits of buying Bitcoin and in the recent fluctuating markets, it looks like they’re back to buying. There is no doubt that the $BTC crash may have proven to be a risky time to invest however those interested in long-term reserves have all the opportunity to increase exposure.

Microstrategy has been in the headlines for famous CEO Micheal Saylor leaving his position and he was known in the crypto community for his public initiatives to add $BTC to company reserves.

Known as institutional dip buyers regardless of Saylor’s position, the company purchased $ 6 million worth $BTC at $19,851 which was said to have been made between August 2nd, 2022 and September 19, 2022.

Market Maker Wintermute Drained Of $160m🥶

Crypto security can always be highlighted by the number of hacks that come in however adding to the list of recent events, it was reported this week by the CEO of market maker Wintermute reported an attack costing the firm millions.

CEO, Evgeny Gaevoy, highlighted that the firm was targeted in a hack that resulted in draining $160m in funds in the defi arm of the firm whilst funds in the centralised & OTC exchanges were safe.

Gaevoy confirmed that over 90 assets were compromised however he also added the following statement regarding the current solvency situation:

“We are solvent with twice over that amount in equity left. If you have a MM agreement with Wintermute, your funds are safe. There will be a disruption in our services today and potentially for the next few days and will get back to normal after.”

Currently, Evgeny Gaevoy added that he sees the hack as a “white hat” event as he urged the hacker to indeed come forward.

Market Metrics: Where Has This Come From?😳

It’s always in our nature to from time to time cover the current prices in the market just to give an overall reflection of what we are looking at.

Not following through with the bearish conditions, we have seen an interesting increase in price following that sharp crash to the downside.

Every time we see a movement, it’s followed by a shift in sentiment however with many investors still relying on some sort of FED pivot, it’s down to the bears or bulls or market makers to choose the direction.

As we say, always trade & invest with caution⛔️

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As a reminder, this is not a trading signal or investment advice; it is an opinion, and each trader/investor should know and understand the risks of trading cryptocurrencies. At no point should this be regarded as financial advice, feel free to familiarise yourself with our NFA disclaimer.

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