Tuesday, February 27, 2024

Swiss SIX Digital Exchange Delays Crypto Services Launch

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The Swiss SIX Digital exchange delayed its crypto services launch following the recent market crisis as we can see more today in our latest cryptocurrency news.

Due to the harsh market conditions, the Swiss SIX Digital exchange delayed the launch of its crypto services branch, SIX Digital Exchange. The stock exchange is the main and 3rd biggest of its kind in Europe and in September last year, the nation’s regulator approved to launch of crypto services to regulated institutions. SDX planned on providing custody and staking services to hedge funds, banks, and other licensed companies.

Now, beucase of the market conditions, the exchange’s crypto services launch was put off. In the past year, a few of Switzerland’s traditional financial players got in on the crypto industry and other than the SIX Swiss exchange, others include Arab Bank Switzerland, BBVA, and SwissQuote. The stock exchange is expected to tap the nation’s wealthy class and make crypto a part of their portfolio. The crypto market saw billions of dollars wiped out as the overall market cap crashed below $1 trillion. BTC dropped below $20K, and its market dominance decreased as well.

Swiss Public Exchange, etp, exchange, crypto, carbon

Microstrategy is the biggest institutional holder of BTC, and has over $1.26 billion in the unrealized loss. Tesla’s BTC stash is $320 million less while El Salvador’s stocks were slashed by half. Most other crypto players felt the crash as well which forced them to prevent further losses and take action. For example, Celsius had to halt the withdrawal services amid the liquidity shortage and in the meantime, the mining farms sold off their mined stash or looked for other sources of income in the equity markets. Those that took such actions include Riot Blockchain, Marathon Digital, and Catherdra BTC.

On the other hand, Crypto.com and BLockfi laid off some of their personnel and cited prevailing of the market crisis. While these companies reduced their employee count, Binance announced that it has about 2000 open positions. If BTC and the rest of the marekt continue the downtrend, most crypto holders will risk further liqudations and can launch bigger sell-offs. Investors like Hedge Fun manager Stan Druckenmiller and Microstrategy CEO Michael Saylor, are still positive on crypto and even Saylor said BTC is real and unique which is why he stands sure on his $1 million price forecast.

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