Crypto markets stabilizing thanks to NASDAQ endorsements

November was a sweet and nice month, all of the yellow leaves finally falling down from the trees, helping people say farewell to the magic of Autumn. As people were saying goodbye to the magical season, many didn’t notice the carnage that was going on right in front of their noses. In the month of November, it seemed like every crypto investor went to hell and back. The experiences this month brought to them is something none of them want to repeat ever again.

Why was November so traumatazing?

Well, I’m pretty sure you already know what had happened with the crypto prices since you’re already reading this. But if you missed the lowest point of Bitcoin, it was trading at $3500 just last week. It looked like every day, every hour and every minute the price would radically change, jumping up and down with no clear way of determining the final outcome. After sleepless nights with coffee to manage the investments, or evenings at a bar to drink the sorrow away, many investors still pulled through the Bitcoin “dance” as it finally stabilized.

The stabilization has multiple reasons, but one of the biggest ones is the endorsements that came from NASDAQ. Endorsements? What are those? Well, they’re the hopes of NASDAQ about featuring Bitcoin futures in Q1 of 2019. The anticipation of this addition, really calmed some investors down, slightly reducing the volatility of the digital currency, and making a market a bit more bullish.

The price drop also affected the USD, but for all the wrong reasons. You see Bitcoin was able to increase its value by 15% within a single day, when the Fed chairman Powell finally conceded on pausing the rate hikes.

Not all heroes wear capes

I know, NASDAQ and Bitcoin, they don’t seem quite nice together do they? Despite the complete difference between the “entities” the significance of the NASDAQ endoresements cannot be ignored. Bitcoin itself cannot be ignored, it’s just too foolish for companies to do that these days. As described in a statment that the CEO of DSTOQ, Craig McGregor made. He mentioned that the existence of Bitcoin and it’s effective ways of actually solving problems that financial companies are facing today, cannot be ignored. The monetary value of the asset may decrease to a cent, but it will still remain a significant provider of the blockchain technology, which is monumental for the development of future financial ventures.

In addition, McGregor emphasizes that the interest NASDAQ is showing for the digital currency, highlights its still existing importance. The second largest exchange in the world wouldn’t consider such a venture if it wasn’t profitable or even remotely valuable. There are no resources to spare in this economy.

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Konstantin Rabin

About the Author: Konstantin Rabin

Konstantin has been working in the financial services industry since 2011. He is over-viewing various updates in the technology, regulation, and market movements. He's passionate about games and has a cute cat named Dog.

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