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Bitcoin (BTC) delivered a staggering performance in the year 2023. <a href="https://news.todayq.com/bitcoins-fair-valued-at-30k-36k-whats-next-for-btc/" target="_blank" rel="noreferrer noopener">BTC price gained</a> more than 150% on the year to date (YTD) basis. The recent jump in the crypto market attracted many major investment firms to it. Now, reports emerge that an ex-executive at Credit Suisse AG has made an announcement in the crypto space. New entry in crypto space 
As per reports, David Riegelnig, a former executive at Credit Suisse, entered the digital asset space with the launch of Rulematch. It is a crypto trading venue targeting banks and securities firms outside the United States. 
The former employee departed from Credit Suisse in 2015 as the head of operational risk in private banking. As reported Rulematch has raised $14 million from investors. This includes ConsenSys Mesh, Flow Traders, and FiveT Fintech. This venture focuses on providing a crypto trading platform exclusively for financial institutions.&nbsp; 
It added that Rulematch has begun trading Bitcoin and Ether. The service is available to clients in most of the European Union, the United Kingdom, and Singapore. This comes in when major global banks have kept a distance from crypto linked trading. 
Riegelnig notes that there is a huge demand in Europe, the UK, and specific Asian markets where some banks have just got into the crypto market. 
It is important to note that Rulematch made an entry into the market when the crypto market registered a whopping performance in 2023. Bitcoin up by 156% on YTD 
According to the data, Bitcoin gave a total return of 156%, outperforming traditional financial assets and commodities. The Nasdaq 100 (QQQ) recorded a 52% return, reflecting the strength of technology-related stocks. while the S&amp;P 500 (SPY) posted a 24% return. This indicates solid gains in the broader equity market. 
However, YTD returns include Developed ex-US (VEA) with 15%, Small Caps (IWM) with 12%, and Gold (GLD) with 11%. Real Estate Investment Trusts (VNQ) jumped by 9%. Emerging Markets (VWO) and Cash (BIL) delivered +6% and +4.7% returns, respectively. 
In the fixed-income space, US Bonds (AGG) provided a 4.5% return. This highlights the steady performance of bond markets. On the other side, Crude Oil (USO) experienced a -7% return, reflecting challenges in the energy sector. Notably, Volatility (VXX) recorded a -72% return, indicating a decrease in market volatility during this period. 
Bitcoin’s good outperformance compared to traditional assets implicates its role as a high-returning. Bitcoin is trading at an average price of $42,902, at the press time. 
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Ex Credit Suisse exec launches Crypto trading venue amid Bitcoin surge

Todayq News

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