Bitcoin, Other Cryptos Rise as “Flu Season” Over, Says Barclays

Bitcoin, Other Cryptos Rise as “Flu Season” Over, Says Barclays

© Reuters.  Bitcoin inched forward on Wednesday. © Reuters. Bitcoin inched forward on Wednesday. – and other virtual coins were higher on Wednesday, as Barclay’s analysts say the the Bitcoin “flu season” is over.

Bitcoin was trading at $6,859.60 gaining 1.59% as of 8:28 AM ET (12:28 GMT) the Bitfinex exchange. The virtual currency is far from its peak of $20,000 in December 2017 and has struggled to recover since falling below $6,000 in February.

The speculation or “infection” of being part of cryptocurrencies is over, Barclay’s analyst Joseph Abate wrote in a research note.

“We believe the speculative froth phase of cryptocurrency investment – and perhaps peak prices – may have passed,” Abate said.

Abate’s model suggests knowledge of virtual currencies is worldwide and people who are “susceptible” or bought for fear of missing out, make up about 25% of the population. Many people are “immune” and unlikely to buy, Abate argues.

Meanwhile chief executive of the International Exchange Inc. (ICE) Jeffrey Sprecher said digital currencies are trusted more than the Federal Reserve.

“There is a trend here we can’t ignore in my mind, so I don’t discount it. People put more faith in a guy named Satoshi Nakamoto that no one has ever met than they do in the U.S. (Federal Reserve),” Sprecher said.

ICE is considering launching a Bitcoin futures in the second half of 2018, he added.

Japan continues to prove its status as a bitcoin hub, with at least 3.5 million trading cryptocurrencies on the countries 17 exchanges, according to data from Japan’s Financial Services Agency (FSA). About 84% are between the ages of 20 and 40.

Trading volumes in Japan have also skyrocketed, from $22 million in March 2014 to $97 billion in March 2017.

Other virtual currencies were up, with rival , the world’s second largest cryptocurrency by market cap, up 4.46% to $414.16 on the Bitfinex exchange. , the third largest virtual currency, increased 1.91% to $0.49125 while was at $114.14 a rise of 0.39%.

Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published.