Following a source that claimed U.S financial market will shut down on December 05, 2018 to honor President George H.W.Bush, Erik Voorhees, ShapeShift CEO asserted on social media that the crypto market will not shut whatsoever.
According to Bloomberg, New York Stock Exchange, NASDAQ Inc.’s US equities and options market, CBOE Global Market Inc’s exchange and CME Group Inc’s U.S. –based equity and the interest-rates market will close its operation on Wednesday. Following the national day of mourning, a moment of silence will be observed today (December 03, 2018), the company said.
The announcement comes into picture when President Donald Trump decided a day of mourning day for late president on Wednesday.
“The President will designate Wednesday, December 5th as a National Day of Mourning. He and the First Lady will attend the funeral at the National Cathedral in Washington, D.C.,”
While in contrast, CEO of the prominent exchange, Shapeshift mocked “Crypto markets do not shut down for the pageantry of politicians” on the blog post.
— Erik Voorhees (@ErikVoorhees) December 3, 2018
Erik Voorhees And Crypto
Since cryptocurrency is decentralized, it is obvious that despite the constant regulatory measures, no government regulated it in a way that stock markets are regulated. While Bitcoin futures trading by Nasdaq are still in question or may begin within the first quarter of 2019, Bitcoin and other cryptocurrencies are shaking with the declining value every day. At press time, Bitcoin was trading with value $4011.13 with a market cap $69,810,980,398.
Erik Voorhees is the strong believer in the crypto market and the value of Bitcoin surge. He often appears out speaking about the cryptocurrency space – moreover, he has recently appreciated “crypto in comparison to fiat”. He said that
When the next global financial crisis occurs, and the world realizes organizations with $20 trillion in debt can't possibly ever pay it back, and thus must print it instead, and thus fiat is doomed… watch what happens to crypto.
— Erik Voorhees (@ErikVoorhees) November 8, 2018
In addition, he has also probed by US SEC authorities on a matter of Crypto lending start-up initiated called Salt Lending where Erik Voorhees was acting as a board member.
Do you think US financial market closure on Wednesday will affect the value of cryptocurrencies? Or will it have any impact on the funds of stock markets?
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Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com