Six Stock exchange’s attempt in brining cryptocurrency at halt.
Six Swiss Stock Exchange, like many institutions was keen in bringing cryptocurrencies to tap the wealth of Europe and give crypto investors a portfolio of its own with varied range of cryptocurrencies. The move would have definitely boosted crypto market to another level because Six Swiss Exchange happens to be Switzerland’s main stock exchange and 3rd largest in Europe.
The stock exchange also got a green light from the nation’s regulatory body, to commence crypto related services exclusively to regulated institutions. The name of the crypto related services was called as SIX Digital Exchange (SDX). In a more specific definition, the exchange looked at providing custody, staking services to banks, hedge funds and other licensed financial firms.
The bearish market conditions attacked SIX’s chances.
From May, as the market imploded, the complete crypto sphere changed. Not only confining to one region, billions of dollars of investors across the world was wiped out. This implosion surely had an impact in the SIX’s decision to launch its crypto related services. The impact was so huge that, the stock exchange went ahead to pause the launch and announced that it halted the launch of crypto related services due to prevailing market conditions.
Several players in Switzerland affected by market.
In the last year, a major chunk of Switzerland’s financial players has entered the cryptocurrency market. Some of them are Arab Bank Switzerland, BBVA Bank and the nation’s largest online bank Swissquote. All these including SIX got majorly affected due to the prevailing market conditions of crypto.
The recent news about crypto added fuel to the fire that was burning the hope for the players of Switzerland. The whole crypto market plummeted below $1 trillion, while bitcoin fell below $22,000 shrinking its market dominance.
Market’s avalanche taking down all!
Many institutions and crypto exchanges are facing the blunt of the market’s downfall. Celsius which happens to be a crypto lending platform went ahead to halt its withdrawal services and appointed a set of restructuring attorneys.
Meanwhile, crypto mining companies have either sold their mined assets or turned to the debt and stock markets for additional sources of income. Riot Blockchain, Cathedra Bitcoin, and Marathon Digital are among others taking similar steps.
CryptoCom and BlockFi, on the other hand, have laid off hundreds of employees, blaming the current market turmoil. It’s worth noting that, while these businesses decreased their workforce, they did so in a positive way.
All these steps by the institutions certainly indicate that the slide of crypto market has been devastating and only time will tell if the market will be able to revive back to normalcy.