25.02.202207:02 Forex Analysis & Reviews: NYSE is on the path to integrating blockchain into its technologies

Blockchain and cryptocurrencies are increasingly integrated into society and have already reached key financial players from Wall Street. According to the data, Intercontinental Exchange Inc., the parent company of NYSE, acquired a stake in tZERO. It is reported that ICE Strategy director David Goon will become the new chief executive officer of tZERO next month.

NYSE Looks at Blockchain

It is worth noting that this kind of purchase speaks a lot about NYSE's plans, because Zero uses a trading system based on blockchain technology. In this case, we are talking about the order book, where corporations can place digital versions of their shares. So far, this idea has not received universal distribution, but the potential, as it turned out, is quite large."I am looking forward to using my experience and innovative product in the exchange trading and derivatives trading industry. This will ensure continued growth and operational excellence at tZERO," Gong said in a prepared speech.

Recently, the integration of the stock market with the cryptocurrency market has been increasingly observed. So, recently NYSE filed an application with the US Patent and Trademark Office, indicating a potential desire to become a market for cryptocurrencies and NFT. Meanwhile, crypto exchanges that are now actively operating in the United States - we are talking about FTX US and Bitstamp USA, are considering the possibility of trading stocks.

Since we have raised the topic of stock markets and exchanges, it cannot be said that the Stock exchange of Thailand is preparing to launch a digital asset exchange.

The president of the Thai exchange expects that the regulator, the Thai Securities and Exchange Commission (popularly SEC), will approve the launch of the new exchange very soon. Pakorn Pitatawatchai, President of the Stock Exchange of Thailand, also said that he expects SEC approval and hopes that the exchange will be able to start working in the second or third quarter of this year. "At our new digital asset exchange, we will focus on investment tokenized instruments — this is something that is in great demand on both local and international markets," said Pakorn Pitatawatchai. He added that many investors would like to invest in common types of digital assets at a legal level. However, when asked if the new digital asset exchange SET would offer cryptocurrency trading, he replied that it would not. "Our strength has always been in investment instruments, investment mechanisms."

As for the risks associated with crypto assets, Pitatawatchai said that the Bank of Thailand and the SEC are currently working together to study this area, and a number of legislative initiatives will be carried out in this direction in the near future. Let me remind you that Thailand recently relaxed its tax rules on cryptocurrencies, abolishing the sharply criticized 15% tax. In addition, in January, the central bank, the SEC and the Ministry of Finance announced that they would regulate cryptocurrency as a means of payment.

As for the technical picture of bitcoin

Bitcoin has once again won back the failure that was observed yesterday during the start of the military operation in Ukraine. Active buying began around $34,510, where the trail of large players is visible. Now everything is tied to the levels of greed of investors and their intimidation of what is happening on the world stage. In the event of another decrease in the trading instrument, only a breakdown of $36,200 will move the trading instrument lower to a low of $32,910, and there it is within easy reach to $29,240. It will be possible to talk about the stop of the bear market in the current conditions only after BTC returns above $39,200. Only after that can we expect a recovery to the area: $41,920 and $44,750. The fact that bitcoin is doing pretty well in the current environment proves the interest in it, while maintaining its bullish potential in the long term.

As for the technical picture of the ether

The emphasis remains on the resistance of $2,750. Only a consolidation above will return the prospect of an upward correction to the market. In the meantime, the likelihood of a major bearish trend will hold. Only a breakthrough of $2,750 will serve as a new impetus to reach the level of $2,940 and $3,190. If the pressure on ETH continues, purchases in the area of a major support of $2,490 are not ruled out, but, most likely, a breakout of this range will be a reason to go to the lows: $2,312 and $2,149, where the big players will start to be active again.