What news has been happening in the crypto market this week?
Bitcoin keeps to a month’s maximum
On Tuesday, bitcoin as well as other digital currencies went up after reports that financial companies are considering trading in digital currencies.
On the Bitfinex exchange bitcoin managed to grow by 4.45% displaying a maximum of $9341.00 per month.
Prices for other crypto assets rallied too. The second largest capitalization of Ethereum on the Bitfinex exchange went up by 8.81% hitting $698.54. The third largest digital currency, Ripple, managed to ascend 5.90% and ended up with $0.92676. At the time of writing, the Litecoin exchange rate rallied by 6.69% being worth $162.44.
According to a Thomson Reuters survey, every fifth financial institution is ready to start trading in digital currencies in 2018.
The survey involved up to 400 respondents, including investment managers, representatives of hedge funds, trading platforms and major banks. About 70% of respondents told that they are going to develop a plan for trading crypto assets within the next three to six months.
Interest in cryptocurrencies abruptly soared after bitcoin shockingly jumped to $20,000 in December 2017. Some financial institutions drew attention to the interest of their customers to trade in digital coins, several hedge funds have already started trading in crypto assets.
The government of the Chinese city of Shenzhen announced the creation of its own investment blocking fund. Although the use of bitcoin and other digital currencies is forbidden in China, the Asian country generally welcomes the introduction of blocking technology, which supports cyrptocurrencies such as bitcoin.
The new fund is on the verge of invest over $80 million in the development of Shenzhen start-ups. In March, the People's Bank of China launched an open blockbuster platform in Hangzhou.
Virtual currencies have obtained support thanks to news that Malta welcomes on its territory the creation of crypto exchange exchanges as well as companies having to do with cryptocurrencies.
A lot of political uncertainties are driving the British pound down.
The United States anticipates the release of headline and core durable goods orders on May 24, at 15:30 MT time.
On Monday, gold declined notwithstanding a lower American currency because data underpinned hopes for a Fed interest rate lift…
On Friday, European stock indices fluctuated at the beginning of the trading session…
The Reserve Bank of New Zealand will hold a meeting at 00:00 MT time on August 9.