Crypto Corner Episode 433: BTC Weathers "Flash Crash" to Maintain $11K Support, Galaxy Digital (TSX:GLXY) Sees "Near Record" Trading Levels
TASE to Launch Blockchain Securities Platform
Point Roberts, WA and Delta, BC - August 3, 2020 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news brings you today's edition of the Crypto Corner podcast and commentary on what's driving cryptocurrency stocks and the crypto market.
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Crypto Corner Episode 433: BTC Weathers "Flash Crash" to Maintain $11K Support, Galaxy Digital (TSX: GLXY) Sees "Near Record" Trading Levels
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 and Digital Currency Stocks Directory
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