NASDAQ Testing Bitcoin Product Under the CXERX Symbol

NASDAQ Testing Bitcoin Product Under the CXERX Symbol

Last Updated on

NASDAQ may be testing a new Bitcoin-based product according to an analyst working for analytics service StrongMarket. The analyst, who is better known by his Twitter handle Cryptologist, tweeted the news on the 22nd of April.

In his tweet, he said that he was able to buy Bitcoin (BTC) using US Dollars through his TD Ameritrade retail brokerage account. The trade was made via the CXERX symbol and it represented a BTC/USD trade pair that had been on the system since the 10th of April.

TD Ameritrade Support doesn’t know anything

When Cryptologist reached out to the support team at TD Ameritrade, they did not know what was happening. The support desk representative said that it was not a symbol that was traded on their live platform, and that he could not access it from his interface. He went on to say both that it might be something to do with forex and that it might not even be a real symbol. This has aroused suspicions from many corners after seeing the screenshot of the conversation.

While the analyst was able to conclude that trade did not reflect on his real account, he is still holding firm to his belief that NASDAQ is testing a new asset base on Bitcoin. The asset will only be available through NASDAQ’s Paper Trading Platform.

NASDAQ looking to expand into crypto for a while now

While this might have made the news due to the secrecy of this particular asset, NASDAQ did confirm in late 2018 that it had plans to launch Bitcoin futures. Their plan was to launch those futures in the first half of 2019, but no word has been heard since the confirmation a few months ago.

The Director of Digital Assets at VanEck has been on record multiple times saying that they have been discussing futures contracts with various participants in the market over the last 18 months, including NASDAQ.

NASDAQ has listed two price indexes in February of this year based on market data company Brave New Coin (BNC). Those indices are BNC’s Bitcoin Liquid Index and Ethereum Liquid Index.

So it may not come as a surprise to many who follow crypto news that NASDAQ is trialing yet another asset that will be available on its system. After all, the NASDAQ index has been known as the tech index since the 80s and it has been caught completely off guard with the rise of cryptocurrencies, despite being the second largest stock exchange in the world. They are losing to digital-only crypto exchanges who are becoming major players in their own right.

Meanwhile, Bitcoin continues it’s march upwards having finally broken the $5500 barrier in 2019. It is up almost 10% over the last week and is looking to continue on a strong run to the end of the second quarter. The predictions of a bull market taking shape should the price break $6000 in the near future is looking less like speculation, and more like a certainty as even with bad news, the asset has not taken any hits that have let it dip below $5000.

Remember, all trading carries risk. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.

About Ali Raza

A journalist, with experience in web journalism and marketing. Ali holds a master degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.