Impact of bitcoins on New York stock exchange. Will NYSE fall or rise?
9 October 2017 Posted / 13661 Views
On May 15th, 2015, New York Stock Exchange started the bitcoin price index (NYXBT). NYXBT represents the day to day US dollar value for one bitcoin which is published on the NYSE Global Index Feed (GIF).The bitcoin price index uses the data from transactions which takes place on San Francisco-based bitcoin exchange Coinbase. Moreover, it also reviews other bitcoin exchanges as well.
Investing in bitcoin, from the past events, has been laborious for investors, although the substitutes for trades are at hand by the means of exchanges. The listing of Bitcoin prices on the NYSE in anyways is an exploration of a different level.
Ever since its inception in 2008, the digital currency Bitcoin has garnered critics who have a row over its risky and volatile characteristics. In January 2015, at the time when the bitcoin world was speculating that will this year mark the end of the cryptocurrency or else if it would ultimately be able to see the prevalent espousal, the stock exchange joined a $75 million in the bitcoin wallet as well as in the exchange, which was the second largest investment ever in a bitcoin startup. With the help of the stock exchange, San Francisco-based Coinbase at that time received more than $100 million in its venture capital.
The New York Stock Exchange’s investment in Coinbase was all sewn up as one could possibly make though it proved a strong symbolic gesture.
The bitcoin prices have become a data point which everyone follows on a daily basis. Owing to many fluctuations in bitcoin prices, because of varied factors, everyone is keen to know the prices for trading and investing. The NYSE is going good in the bitcoin price index, and it can be predicted that a rise may occur in the upcoming months. However, nothing can be surely said because of the expected ‘fork’ in the end months of 2017, and due to its volatile nature, bitcoin might surge up, exceeding all its highest values or can also see a plunge. The forked currency and bitcoin prices both will impact NSE as well to an extent, therefore, investors are alarmed time to time to be cautious before investing in such types of fragile period.