Bitcoin prices held on to Monday’s gains but failed to get a further bump after news Fidelity, the financial services giant, would begin offering crypto trading and custody services for hedge funds and sophisticated investors.
Yet, while price reaction was somewhat muted, the crypto community is hailing the news as a major win for the industry. “This is a huge step forward in mainstream adoption of cryptocurrency,” wrote Bruce Elliott, president of ICOx Innovations, a cryptocurrency rewards and payments system.
“For many reasons, seasoned investors have either been shut out of crypto markets or have been slow to invest up until now. This is a signal that financial markets and regulators are gaining clarity and comfort on the outlook for trading cryptocurrencies,” he said.
Read: Fidelity launches cryptocurrency trading platform
In Tuesday afternoon trading, a single bitcoin
BTCUSD, +0.27%
was changing hands at $6,442.80, up 0.7% since Monday at 5 p.m. Eastern Time on the Kraken exchange.
Tether yet to fully recover
The price of Tether continues to trade at a discount around 98 cents on Tuesday, suggesting concerns remain for the embattled stablecoin a day after the price, which is traditionally on par with one U.S. dollar fell below 90 cents.
Furthermore, the price of bitcoin on the Bitfinex exchange, the company that shares common management with Tether, is still trading at a significant premium, around $274, or 4.2%. per coin on Tuesday.
Read: Pressure mounts on Tether as stablecoin proves not so stable
Altcoins creeping higher
The price of coins other than bitcoin, commonly referred to as altcoins, are moving higher in Tuesday trading. Ether,
ETHUSD, +1.20%
the coin that runs on the ethereum network, was up 1.3% at $203.96, Bitcoin Cash
BCHUSD, +0.65%
was up 0.6% to $447.20, Litecoin
LTCUSD, +0.81%
was off 0.8% to $52.86 and XRP
XRPUSD, +0.67%
traded at 45.9 cents, up 6.3%.
In bitcoin futures, the Cboe Global Markets October contract
XBTV8, +1.42%
rose 0.2% to 6,444.75, while the CME Group October contract
BTCV8, +0.39%
was up 0.9% to $6,445.
Read: Dr. Doom says bitcoin represents the ‘mother of all bubbles’
Providing critical information for the U.S. trading day. Subscribe to MarketWatch’s free Need to Know newsletter. Sign up here.
Source : MTV
