NASDAQ Out To Curb Price Manipulation In Cryptocurrencies
NASDAQ now says it has tools that can track and prevent manipulations.
NASDAQ To Release Market Surveillance Tool
Stock exchange platform NASDAQ wants to tame the plague of market manipulation through a new technology. According to the NASDAQ, its market surveillance technology can completely end manipulations in the crypto sector.
In a report published by Bloomberg, NASDAQ has an unpublished paper that has been worked on for years now. The technology has tools that can detect and prevent manipulation.
According to stock exchange, stakeholders usually appoint surveillance units that track trading activities to curb behaviors such as pump and dump, and insider trading. But, its technology will make it easier.
The announcement comes at a time when Bitcoin is enjoying market stability after a tough 2018 had been witnessed. The stability shifted focus from any foul play in the market. Earlier this year, US regulators stated that the volatility experienced for the better part of 2018 was due to high trading volumes.
NASDAQ maiden crypto client joined the market in April under the SMARTS Market Surveillance solution at Gemini cryptocurrency trading platform run by the brothers Winklevoss. Reacting to the development, Valerie Bannert from NASDAQ termed the deal as a key development for the industry.
Bannert added that the deal was a key indication that NASDAQ was committed to growing the industry by venturing into emerging technologies.