Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Bitcoin Rises to $7,000; Barclays Exploring Crypto

Published 08/07/2018, 08:11 AM
Updated 08/07/2018, 08:11 AM
© Reuters.  Bitcoin was higher on Tuesday.

Investing.com - Bitcoin and other cryptocurrencies gained ground on Tuesday as Bitcoin rallied over $7,000.

Bitcoin was up 1.39%, recovering to a two-day high of $7,081.90 on the Bitfinex exchange, as of 8:10 AM ET (12:10 GMT).

Cryptocurrencies overall were slightly higher. The coin market cap of total market capitalization was at $256 billion at the time of writing, compared to $253 billion on Monday.

Ethereum, the second-biggest alternative currency by market cap, rose 0.44% to $409.54 on the Bitfinex exchange. Ripple, the third-largest virtual currency, decreased 3.59% to $0.41177, while Litecoin was at $74.760, up 0.95%.

U.K.-based bank Barclays (LON:BARC) is exploring how it can trade cryptocurrencies, according to Barron's.

Two employees are working on a project to integrate virtual currencies into the banks trading operations, according to their LinkedIn (NYSE:LNKD) profiles, Barrons reported. but Barclays told Coinbase that the bank has no plans right now to build a digital coin trading desk.

Other financial institutions are also looking into using cryptocurrencies and blockchain, the technology behind digital coins. On Monday, news broke that Goldman Sachs (NYSE:GS) is exploring ways to offer custody for crypto funds.

In other news, Arizona established the first regulatory sandbox for financial technology in the U.S. on Friday. Regulatory sandboxes are often used for startups and other companies to explore new innovations while under the close supervision of regulators.

“Arizona’s FinTech Sandbox provides much needed relief for entrepreneurs by lifting some regulations and allowing innovative products and services to be live-tested in a marketplace limited to a capped number of consumers,” a press release from the Arizona Attorney General’s office stated.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.