Cryptocurrencies climb on investor interest drumbeat

July 16, 2018
Chris Wheal

Digital coins bitcoin, ethereum and ripple climbed higher Monday afternoon driven by circulating news that major investors including hedge fund investor, Steven Cohen, Union Square Ventures and BlackRock were interested in cryptocurrencies as an asset class.

Cryptocurrencies climb in Monday afternoon trading on major investor interest

Bitcoin was up 3.67% to $6.592.15. Other coins climbing in the afternoon were EOC up 8.16% to $7.72 and ethereum gained 5.55% to $472.22. Notable increases since one-day gains of over 2% have been in short supply since 2 July.

Helping to move the needle broadly up was the steady drumbeat of news that major investor were looking at cryptocurrencies.

Last Friday, billionaire hedge fund investor, Steven Cohen announced investment in a hedge fund, Autonomous Partners, that would be for longer term play into the crypto asset class looking across the board around the coin infrastructure for crypto assets for example looking at better privacy for privacy coins.

Moving to mainstream?

The hedge fund drew other investors including Union Square Ventures and Coinbase’s CEO Brian Armstrong. According to Bloomberg, of the 249 crypto-based investment funds, 70% opened within the last year signalling that digital coins may be moving mainstream.

In addition, Sweden’s SIX Group announced it would launch a platform for trading digital assets on top of speculation that BlackRock may consider the crypto space based on a recent report that it was investigating ways to become more active in the cryptocurrency market.

 

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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