Bitcoin, Ethereum, Ripple all Rally as Expected
A total of 49 of top 50 cryptocurrencies were growing on Thursday following a bloodbath on the digital money market in the past few days. The dollar-pegged centralized tether was the only loser.
Bitcoin gained over nine percent on the day, and was approaching $11,343. This is still almost 45 percent below its $20,000 record.
Ethereum once again surged above $1,000. The cryptocurrency is up by a third this year, but has declined almost $400 from this year’s peak.
Ripple enjoyed the biggest gains among top 10 currencies on the list, trading up 35 percent at $1.44.
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The mini cash was sparked by 3 things, BitConnect’s collapse, associated parties dumping and speculators hammering BTC believing the BitConnect incident was a major event, in fact it was just a blip, serous players knew BitConnect was a scam from day 1 and avoided the bogus lending site.
— Live Trading News (@Livetradingnews) January 18, 2018
The China Syndrome
On Tuesday, an official from the People’s Bank of China said the country’s centralized virtual currency trade needs to end, Reuters reported, the individual making the claim was not a person with authority to make any laws, he was just another attention seeking politician making noise.
Intercontinental Exchange (ICE) said on Thursday that, together with startup Blockstream, it is launching a service to send data on cryptocurrency exchanges to Wall Street traders.
— Paul Ebeling (@Redroadmaster) January 18, 2018
This may be a sign that more institutional investors are considering digital money as a serious investment. The service would collect information from more than 15 cryptocurrency exchanges around the world and deliver it to traders.
The surge on Thursday was preceded by a massive sell-off, which erased more than $200 billion from the market. On Tuesday, an official from the People’s Bank of China said the country’s centralized virtual currency trade needed to end, Reuters reported. China is crucial for bitcoin and other cryptocurrencies, being one of the key markets. Beijing has already banned initial coin offerings (ICOs).