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SIX Digital Exchange Indefinitely Delays Launch Of Cryptocurrency Service

Due to current market conditions, the major Swiss stock exchange SIX Swiss Exchange has postponed the launch of its cryptocurrency services arm, SIX Digital Exchange (SDX).

The Stock Exchange is the main body of Switzerland and the third-largest exchange of its kind in Europe. Last September, the country’s regulator gave the green light to the launch of crypto-related services specifically for regulated investment institutions. More specifically, SDX plans to offer custody and staking services to banks, hedge funds, and other licensed financial companies.

Currently, due to “market conditions”, the launch of the exchange’s cryptocurrency service has been postponed indefinitely, reported to The Wall Street Journal.

Recently, the crypto market has seen billions of dollars wiped out, as the space’s overall market capitalization plummeted below $1 trillion. Bitcoin (BTC) has dipped below the $20,000 mark, trading around $18,280 at the moment, while its market dominance shrinks.

BTC daily chart. Source: CoinCu

MicroStrategy, the largest Bitcoin holder, has now recorded over $1.26 billion in unrealized losses.

With the amount of Bitcoin it holds, Tesla also recorded a loss of more than $320 million compared to its value at the time of purchase, while the value of El Salvador’s BTC has decreased by about half. Many other crypto players felt unsafe, forcing them to take action to prevent further losses.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.