BITCOIN GROWS AS NYSE AND DIGITAL GALAXY SHOW OPTIMISM

Updated: 11/28/2018 15:14
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Bitcoin grows within last 24 hours, NYSE and Digital Galaxy show optimism, being sure the digital assets can survive the crisis
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Bitcoin grows within last 24 hours, NYSE and Digital Galaxy show optimism, being sure the digital assets can survive the crisis

Jeffrey Sprecher, the Chairman of the New York Stock Exchange (NYSE), expressed optimism about cryptocurrency as an asset class.

On the question of whether digital assets could "survive", he answered - "the unequivocal answer is yes." "We're kind of agnostic to price," Sprecher added.

Kelly Loeffler, the Chief Executive Officer at Bakkt cryptocurrency platform and the wife of Jeffrey Sprecher noted that "the Bakkt futures contract will help Bitcoin traders establish a trusted price. Bitcoin now trades at different prices on different exchanges, many of which are unregulated."

The NYSE and the parent company ICE have shown an active approach to cryptocurrency. In January, the Intercontinental Exchange entered into a partnership with Blockstream, a blockchain-based company, to provide pricing information to leading investors on Wall Street. Then ICE planned to provide data on 15 leading platforms to large financial companies, including hedge funds.

In May, ICE announced its intention to offer traders contracts that would help, in the end, get Bitcoin into ownership. In addition, new operations were planned, through which banks could buy contracts, known as swaps, which enable customers to get Bitcoin the next day with the support of the exchange.

The Cointelegraph reports that the Association of Digital Asset Markets is planning to create a "rulebook" for the cryptocurrency sector. The association was founded by former NYSE chairman Duncan Niederauer, together with Michael Novogratz from Digital Galaxy , as well as BTIG, Paxos and GSR.

The founder of Galaxy Digital, Mike Novogratz, in turn, expects that, thanks to the support of large investors, the virtual currency market will return to a general positive dynamic next year.

During the interview, the cryptomillionaire said that the year 2018 was quite difficult for his company, since business does not fit well with the bear market. However, according to his forecast, in the first quarter of 2019 financial institutions will move from investments in crypto funds to direct investments in cryptocurrencies. This will contribute to a "coup", inspiration of the market and the resumption of growth in the value of coins.

Mike Novogratz added that, despite the existing skepticism on the crypto market, serious changes are coming, as large companies from the traditional financial sector are beginning to enter this market.

The optimism of the executives of Digital Galaxy and the NYSE recently paid off. The course of the first cryptocurrency rushed up. During the day, the BTC grew by 11.08% and now the main cryptocoin is trading at a price of $ 4166. All tokens from the top twenty also moved to the green zone and show high growth results. The big jump in price was made by Neo (+ 17.10%), Zcash (15.96%) and Stellar (+ 14.28%). Leaders of the rating also pleased their investors. XRP rose 9.52%, Ethereum climbed 11.12%, and yesterday's outsider Bitcoin Cash managed to soar by 6.74%.

Total capitalization rose to a mark of 134 billion dollars. Bitcoin's dominance in the market today is 53.5%.

Cryptocurrency market is extremely unstable. Optimists believe that bitcoin pushed off from the bottom, but other experts believe that it is too early to rejoice, because BTC is cunning.


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