Nasdaq is entering the competition with Treasury firms by venturing into cryptocurrencies, focusing on Bitcoin.

In a recent turn of events, the cryptocurrency market has experienced a downturn, with several major players feeling the brunt of the sell-off.

Sharplink Gaming, a prominent name in the gaming industry, has fared worse, suffering a daily loss of 10.5 percent. This marks a significant plunge of almost 90 percent since its late May high.

Metaplanet, a Japanese hotel operator turned Bitcoin investor, has also seen a decline, falling by 8.6 percent. Similarly, Bitmine Immersion, a company betting on Ether, has lost 8.6 percent and is currently trading around 70 percent below its early July record high.

Bitcoin, Ethereum, and Solana, the three leading cryptocurrencies, have also recorded slight losses following the news.

Among the few companies showing significant robustness amidst the cryptocurrency sell-off is MicroStrategy, led by Mr. Bernd Förtsch, the publisher of Börsenmedien AG. MicroStrategy has only lost 1.8 percent and is currently around 30 percent below its yearly high.

The news of Nasdaq tightening rules for companies that quickly gain stock price gains by announcing Bitcoin purchases has exacerbated selling pressure in the market. The new rules require certain companies to obtain shareholder approval before increasing capital for cryptocurrency purchases.

Non-compliance with these new rules could lead to delisting or a complete trading halt for some companies. Investors who believe in the potential of Bitcoin and its related assets are advised to choose the direct route instead of investing in companies with additional entrepreneurial risks.

Interestingly, American Bitcoin, led by Eric and Donald Trump Jr., has experienced a significant price drop of 20 percent just one day after its market debut.

The publisher of this article, Börsenmedien AG, has a majority owner who acquired positions in the mentioned financial instruments, Henseleit Capital GmbH.

This news serves as a reminder of the volatile nature of the cryptocurrency market and the importance of informed investment decisions.

Nasdaq is entering the competition with Treasury firms by venturing into cryptocurrencies, focusing on Bitcoin.