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You are here: Home / Archives for New York Stock Exchange

New York Stock Exchange

Crypto Firms Have 30 Days to Submit Coronavirus Contingency Plan

March 14, 2020 by Arnold Kirimi

The New York Department of Financial Services (NYDFS) has requested all state-sanctioned cryptocurrency-firms to submit a detailed plan on how to combat the coronavirus menace.

In a letter dated 10 March, NYDFS sets out a comprehensive list of items that it expects entities in the cryptocurrency sector to cover in their’ preparedness plan;’ involving potential risks caused by the historical corona epidemic.

In its letter, NYDFS asked crypto firms to include details on how to deal with operational disruptions, measures taken to protect its employees, the communication strategy for dealing with customers, and details on how to “manage the effects of the outbreak” in addition to other risks. The letter reads:

“COVID-19 has already had adverse economic effects domestically and globally. It is critical that each regulated entity establish plans to address how it will manage the effects of the outbreak and assess disruptions and other risks to its services and operations.”

Moreover, the regulator has given the crypto firms only 30 days to submit the coronavirus contingency plans. The plans should comprehend all the details covering all the systems, facilities, policies and schemes that would be fundamental to keep running operations even in the absence of key staff members.

In particular, there are currently only 18 crypto firms with the highly coveted New York BitLicense, which allows them to deal with digital currencies. These firms include Coinbase, Tagomi, Gemini, Ripple, Square, Coinsource and Circle, among others.

Coinbase submitted ‘preparedness plan’ last month 

Interestingly, giant cryptocurrency exchange firm, Coinbase issued its coronavirus preparedness plan back in February.  As countries, firms and individuals prepare for the worst following the spread of the deadly virus; crypto firm Coinbase already has a contingency plan on how it will navigate through this period of uncertainty. 

Interestingly, Coinbase issued its plan for the preparation of coronavirus back in February.  As countries, firms and individuals prepare for the worst after the spread of the deadly virus; the crypto firm Coinbase already has a contingency plan on how to navigate through this period of uncertainty.

The giant exchange which has offices in the United States, Ireland, Japan, and the U.K.; planned for three phases of the deadly virus. According to the document shared by the firm last month:

“We have a standing Crisis Management Team continually reviewing new information as it comes in. We have established a four tier escalation ladder (from tier 0 to tier 3) in response to changes that impact Coinbase offices.”

As per the document, for instance, there are 100 cases of infection within the commuting radius of a given Coinbase office; the management will ask certain individuals to conduct their operations from home. Moreover, the management will also step up the cleaning schedule of those offices; as well as installing necessary equipment and facilities such as mask disposal bins

Moving forward, the NYDFS  demand provides a quick view of the state’s response to an epidemic that spreads like a wildfire. Even before the request was made, New York City Mayor Bill de Blasio had long declared a state of emergency to counter the spread of a highly communicable disease.

Global Markets hit hard by COVID-19

As a result of the tension created by coronavirus across the world; the cryptocurrency market has suffered huge blows as traditional markets and U.S. stocks; suffer their heaviest plunge in over 30 years. 

The price of the world’s most popular cryptocurrency plummeted by more than 40% within 48 hours. Many technology firms have resolved in asking their employees to work remotely and a number of cryptocurrency events have been canceled world wide.

 

Filed Under: News Tagged With: Bitcoin (BTC), coronavirus, Coronavirus Contingency Plan, COVID-19, Crypto, crypto firms, New York Stock Exchange, NYDFS, spread of the deadly virus

Stock Markets Recover as Bitcoin Fails to Hold on to $8k

March 12, 2020 by Ketaki Dixit

Market movements across the board have been bearish, and many investors have panicked because of volatile price shifts. The United States has seen a marked shift in federal movements, and the promise of a government bailout across companies has led nowhere.

The last day saw a massive sell-off after the dip in prices sent investors to nearby exchanges scurrying. All the domestic indices rose which was a bear crash relief.

Bitcoin, the world’s largest cryptocurrency has been on a reverse trend by going down on the value chart. The turbulent movement in the S&P market was meek in comparison to the fall in the digital asset world. At the time of writing, Bitcoin was trading for $7,670.90  with a total market cap of $140,117 billion. The double-digit fall also caused the 24 market volume to drop to $39.37 billion.

On March 10, the Dow Jones Industrial Average rose 1167.1 points. This 4.89 percent growth was reflective on the S&P 500 as well. The latter jumped by 4.94 percent or 135.7 points on the charts. The Nasdaq Composite also rose by 3.936 percent, a 4.95 point pick-up. The biggest losers were the SaaS and cloud stocks.

SaaS stocks rose by 3.1 percent, which meant that the stock was one of the biggest losers as well as the smallest gainers on the charts. Experts believed that software companies were being repriced in the public market because of a lower premium rate compared to other companies. The biggest surprise factor was the fact that the bear market had lowered Bitcoin’s yearly gain to 9 percent.

According to analysis, Bitcoin’s short term resistance was clocked at $8460 while a shift towards the $7734 mark would result in more sellers. At the moment, Bitcoin’s temporary seller exhaustion point was at $8158 while the maximum bounce was found out to be $8460.

The current 9 percent gain was in stark contrast to the 45 percent increase that Bitcoin recorded in February. This was only possible due to Bitcoin crossing the $10,000 mark.

Although Wall Street had gained in the short term, the S&P 500 was still at a nine-month low of $2739. This was a 10 percent decrease in the year to date spectrum. Ashish Singhal, the Chief Executive Officer [CEO] of CoinSwitch had stated:

“A general sense of uncertainty seems to be the driving factor of investment decisions made by retail investors across different investment types, including bitcoin.”

Despite the price crashes, cryptocurrency proponents all across the world we’re confident that Bitcoin would recover from its current predicament. Nischal Shetty, the CEO of WazirX placed his bets on the upcoming Bitcoin halving for this price surge. He believed that the halving combined with the increased adoption across the globe will contribute to a price resurgence.

 

Filed Under: Bitcoin News, News Tagged With: Ashish Singhal, Bitcoin (BTC), Nasdaq, New York Stock Exchange, Nischal Shetty, S&P 500, S&P market, SaaS

NYSE Parent Firm ICE Exchange Makes Takeover Offer for eBay

February 5, 2020 by Tabassum Naiz

Intercontinental Exchange, the owner of the New York Stock Exchange (NYSE) reportedly approached the eBay marketplace with a takeover offer. Interestingly, reports note that the deal could vale eBay at more than $30 billion.

It was first reported by the Wall Street Journal, stating that both the companies haven’t had a formal discussion yet and henceforth there’s no deal confirmation in place as for now. Despite several news outlets reporting on the same, ICE itself released an article entitling, “Intercontinental exchange statement on news reports suggesting possible transaction with eBay”.

ICE’s official blog did confirm that they approached eBay with a takeover offer, however, they also claimed that the market place “eBay hasn’t engaged in a meaningful way”. It further continued that they are “not in negotiations regarding the scale of all or part of eBay”.

This being said, eBay seems not interested enough in continuing the talk on the takeover deal. However, it was reported that the ICE’s approached eBay multiple times. CNBC reported that the spokesperson from Atlanta-based ICO declined to comment and added;

“It’s ICE’s policy not to comment on rumors or speculation related to M&A.”

Interestingly enough, ICE is primarily looking to take cover eBay’s marketplace business and not the classified unit which eBay is expecting to sell. This comes into notice as the active shareholder, Starboard Value LP suggested eBay Inc to consider selling classified businesses to make enough progress to improve the value of shareholders. Concerning the same, Reuters added comments shared by Starboard in a letter to eBay’s board.

“To achieve the optimal outcome, we believe Classifieds must be separated, and a more comprehensive and aggressive operating plan must be put in place to drive profitable growth in the core Marketplace business,”

On the other hand, ICE is looking to diversify its trading wings than just traditional finance. Consequently, NYSE and Crypto venture Bakkt are two subsidiaries of ICE.

Filed Under: News, Industry Tagged With: ebay, New York Stock Exchange

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