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London Stock Exchange enters the cryptocurrency market; Partners with Hong Kong-based exchange

Jibin M George

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Source: Pixabay
Source: Pixabay

The London Stock Exchange today took a major step towards correcting the skewed perception the general public has about the speculative field of cryptocurrencies by agreeing to sell some of its trading technology to a Hong Kong-based digital assets exchange.

The deal, made by the London Stock Exchange Group with the fintech company Atom Group for its digital assets exchange AAX comes at a time when genuine concerns about the safety, legality and regulatory environment over cryptocurrencies remain. Under the deal, the LSEG will be equipping AAX with the latest Millennium technology to help match trades on the Hong Kong-based exchange.

With this technology, AAX will be able to deliver high performances, even at peak-time trading periods, while also simultaneously giving assurances in the face of rising security concerns.

In a statement, Ann Neidenbach, Chief Information Officer, LSEG said,

“We are delighted to have been selected by Atom to provide a best-in-class technology solution to help power its new exchange. It underlines Millennium Exchange’s reputation for performance, scalability, flexibility and reliability and we look forward to working with the AAX team ahead of the launch in the first half.”

This new acquisition of the Millennium technology by the Hong Kong-based digital assets company would come as a confidence booster for an industry that has of late been plagued by a lot of security concerns. Although the technology behind cryptocurrencies, blockchain, remains a uniquely difficult system to penetrate, several people have been able to get away with scams and heists for a while now. This has not only helped sustain the perception associated with cryptocurrencies but, has also kept traditional investors away.

However, that may change as soon as digital assets exchanges such as AAX start using secure technologies such as Millennium. By adopting a technology with a great track record, cryptocurrency exchanges can assure traders and prospective investors about the safety and security of all their digital assets.





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Altcoins

Bitcoin SV surges by 6.84% in an hour; community speculates massive behind-the-scenes pump

Biraajmaan Tamuly

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Source: Pixabay

The cryptocurrency market has witnessed major price hikes over the past few weeks, with Craig Wright’s Bitcoin SV emerging as the market’s unlikely performer. The Craig Wright-backed virtual asset, which is supposed to follow Satoshi Nakamoto’s original idea, outperformed every top 10 cryptocurrency over the past week, recording a growth rate of 22.86%.

Source: CoinmarketCap

At press time, the coin had recorded a price hike of 6.84% over the hour, with the coin valued at $228. The coin was traded the highest on CoinBene exchange, where the trading pair of BCHSV/USDT gathered a volume of $96  million. The exchange was closely followed by ZBG exchange, where the trade accounted for 13.62% of the entire trading volume.

Source: Trading View

According to the chart released by Trading View, a massive green candlestick can be observed. The chart also indicated that at press time, the candles were charting over the Moving Average [MA]. This suggested that extremely high trading volumes were pegged with Bitcoin SV.

Many in the community have speculated that the surge might be due to a massive dump of the coin in the market, after the token hit stagnation since pumping by more than 247 percent recently. The aforementioned price pump pushed the price of the coin from $53.22 to $250.

Previously, it has been suggested that the major pump witnessed within the Bitcoin SV ecosystem might be laden with market manipulation, implying the participation of illicit entities in the conduct of a “pseudo-pump” of BSV’s market. Further, the de-listing of BSV by major exchanges such as Binance may have made it more susceptible to sudden price movements, according to some.

At press time, Bitcoin SV was positioned 8th on the cryptocurrency charts. Despite the pump however, historical trends suggest a major price correction may be in the offing too.





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