Australia Securities Exchange queries sudden uptrend in DigitalX share price and volume

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The Australian largest Securities marketplace issued a letter earlier today to DigitalX, a blockchain solution provider, querying the sudden uptick in the price of the company’s share, including its volume. The blockchain company responded for a clean slate, adding that it is compliant with the country’s Listing Rules.

ASX demands clarification on DigitalX share uptrend

In the letter, the Australian Securities Exchange (ASX) informed that both the value and volume of DigitalX share (ASX: DCC) have risen to intraday high. Precisely, the price of the blockchain company’s share rose from a low point of $0.023 to $0.03 today. This happened within the space of seven days, that is, from 20 to 27 July 2020.

On this course, ASX issued a query to the company which sought clarification about the following, amongst others:

A. The change in the price of DCC’s securities from a low of $0.023 on Monday, 20 July 2020, to an intraday high of $0.03 today. B. The significant increase in the volume of DCC’s securities traded from 20 July 2020 to 27 July 2020.

DigitalX response

While responding to the queries from ASX, the blockchain solution provider refused any hidden factor behind the uptrend of its share. DigitalX argued:

It is not aware of any information concerning it that has not been announced to the market which, if known by some in the market, could explain the recent trading in the company’s securities.

DigitalX further explained that it has only been running its previously announced business projects. However, the company opined that the recent performance of digital assets, including Bitcoin, might be one of the factors behind the significant rise in the share’s value and volume. 

At first, the company said that DigitalX shares somewhat track the performance of Bitcoin from a historical view. Additionally, it mentioned that the appreciation of its digital assets and Bitcoin also increased their entire asset value. Upon the company’s growth, the Boards argued that it could propel more interest in the company, which would influence their share performance.

With the DigitalX share performance, the company said it is still compliant with the Australian Listing Rules.

Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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