🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

Bitcoin Nears One Month High

Published 04/24/2018, 08:51 AM
© Reuters.  Bitcoin was higher on Tuesday.

Investing.com - Bitcoin and other virtual coins were higher on Tuesday, as financial institutions consider cryptocurrency trading.

Bitcoin was trading at a one-month high of $9,341.00, rising 4.45% as of 8:49 AM ET (12:49 GMT) on the Bitfinex exchange.

Other virtual currencies were higher, with rival Ethereum, the world’s second largest cryptocurrency by market cap, surging 8.81% to $698.54 on the Bitfinex exchange. Ripple, the third largest virtual currency, was up 5.90% to $0.92676 while Litecoin was at $162.44, an increase of 6.69%.

One in five financial institutions are considering trading virtual currencies in the next year, according to a Thomson Reuters survey.

Around 70% of the 400 respondents, including asset managers, hedge funds, and trading desks, are planning to start trading in the next three to six months.

Interest in cryptocurrencies has increased after the price skyrocketed to $20,000 in December. Some banks are exploring client interest in the virtual coins and a few hedge funds have already started trading the digital currencies.

In other news, the Chinese city of Shenzhen is supporting a blockchain-focused investment fund. While Bitcoin and other cryptocurrencies are banned in China, the country is warming up to blockchain, the technology behind virtual coins like Bitcoin.

Shenzhen will support a fund that plans to allocate $80 million to blockchain startups in the city. The move follows a similar announcement by the People’s Bank of China last month, when it launched a blockchain service platform in Hangzhou.

Meanwhile virtual coins were supported by news that Malta is supportive of cryptocurrency exchange and companies. The government is planning to establish fair rules and regulations that “will offer legal certainty in a space that is currently unregulated.” One of the world’s largest exchanges, Binance, plans to relocation from Hong Kong to Malta.

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.