Bitcoin may be getting another boost in the already promising market as a recent report indicates the asset may be trading on Nasdaq soon. A quantitative analyst at Strongmarket.com, known on Twitter as Cryptopolis reported that he has purchased one Bitcoin on the platform, this was later revealed to be a ‘paper trade’ testing currently in the works and not yet a real trade.
UPDATE: According to TDAmeritrade support – it’s not a real trade in my account – it appears they are testing only using their Paper Trading platform. Support said “I’m not able to speak on it” -They did not know what CXERX is. Strange… But something is going on for sure! pic.twitter.com/gUxtHX0TNg
— Cryptopolis (@cryptopolis_x) April 22, 2019
If this eventually happens, is likely to bring a significant contribution to Bitcoin’s recovery and a major way to bring the asset closer to mass adoption by opening another way for trading especially in America.
Nasdaq is an American stock exchange based in New York. It is one of the top exchanges worldwide by market capitalization, second only to the New York Stock Exchange. Nasdaq has been helping to promote access to Bitcoin. Earlier this year, the exchange started offering Bitcoin indices alongside those of Ethereum and has now listed the asset for trading.
Listing Bitcoin on a major traditional exchange like Nasdaq will be a major promotion for Bitcoin and indeed digital assets if more get to be listed after Bitcoin. It will also help to bring it to investors on the exchange who have not had access to cryptocurrencies before, which is a great boost for the industry.
Bitcoin has been doing fairly well since the beginning of April and has been growing stronger. This is majorly due to the earlier involvement of institutions and an increasing interest in cryptocurrencies due to failing traditional financial institutions.
The asset is likely to go higher based on several metrics such as the Bitcoin Misery Index (BMI) invented by Fundstrat which indicate that the index has risen to 89 in a bear market which Tom Lee says is a sign that Bitcoin may be exploding sometime this year.
As at press time, Bitcoin is over $5,500, pushing towards $6,000 and may actually reach there before the end of the week. It is also expected to rise back to the pre-October support of 2018 and go higher if the current trend continues. This year based on the opinions of experts and analysts promises to be great not just for Bitcoin but digital assets in general.
