Cryptocurrency prices were trading higher Thursday, attempting to regain Wednesday’s losses that took bitcoin, the world’s largest digital currency, to a 10-day low toward $6,400.
A single bitcoin
was changing hands at $6,567.19, up 1.9% since Wednesday at 5 p.m. Eastern Time on the Kraken exchange.
Late Wednesday, Gemini Trust Company, the digital asset exchange co-founded by Cameron and Tyler Winklevoss, said it had obtained insurance for its digital assets. “Gemini was approved for coverage after successfully demonstrating to underwriters that the company is a leading, best-in-class exchange and custodian,” a news release said.
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Anthony Pompliano, the founder and partner at Morgan Creek Digital, said that while it may not be the most rousing news, it is a big step forward for the maturation of digital currencies. “While insurance is unsexy, it is a critical element to convincing more traditional investors to participate in the crypto markets,” he wrote.
“The experience, products, and protections need to look as similar to the legacy financial system as possible. This familiarity creates trust in the short term for an asset class that is regularly subjected to negative headlines and general uncertainty.”
Also read: Going bearish on humans may be the ‘trade of our generation,’ says Morgan Creek Digital founder
In other news Thursday, the Justice Department said that seven Russian military officers used bitcoin to fund its efforts in cyberattacks in an attempt to promote Russian interests, notably in the antidoping scandal.
The indictment said: “Although the conspirators caused transactions to be conducted in a variety of currencies, including U.S. dollars, they principally used bitcoin when purchasing servers, registering domains, and otherwise making payments in furtherance of hacking activity.”
For the full story see: Russia used bitcoin to fund its cyberattacks, Justice Department says
Altcoins and futures push higher Thursday
Bitcoin has dragged altcoins, the group of coins alternative to bitcoin, higher Thursday. Ether,
the second-largest cryptocurrency, was up 2.8% at $222.72, Bitcoin Cash
has climbed 0.8% to $516.60, Litecoin
was up 3% at $58.55 and a single XRP coin
the currency of the Ripple protocol, was trading at 53 cents, up 2.6%.
In futures trading, the Cboe Global Markets October contract
was trading at $6,555, up 2% and the comparable CME Group October contract
was trading 2% higher at $6,550.
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