Home Cryptocurrency One in 5 finance companies are contemplating buying and selling cryptocurrencies

One in 5 finance companies are contemplating buying and selling cryptocurrencies

4 min read
0
94

A person stands close to an commercial of a cryptocurrency trade in Tokyo, Japan March 30, 2018. Image taken March 30, 2018.REUTERS/Toru Hanai

  • Thomson Reuters survey: 20% of 400 finance companies surveyed are contemplating launching crypto buying and selling with the subsequent 12 months.
  • Crypto buying and selling stays a distinct segment exercise in mainstream finance however curiosity is rising and will help value progress.
  • Goldman Sachs lately employed its first cryptocurrency skilled and is contemplating launching a buying and selling desk.
  • You can follow live cryptocurrency prices on Markets Insider.

LONDON — A fifth of finance companies are contemplating entering into cryptocurrency buying and selling throughout the subsequent 12 months, in line with an business ballot by Thomson Reuters.

A survey of over 400 Reuters purchasers discovered that one in 5 is contemplating entering into crypto, with the bulk weighing a push into the market throughout the subsequent six months.

Curiosity in cryptocurrencies surged within the second half of 2017 as the worth of bitcoin surged. The mainstream curiosity culminated in CME and CBOE launching bitcoin futures in December. However these merchandise have been thinly traded and institutional curiosity in cryptocurrencies stays a distinct segment concern.

There are over 200 cryptocurrency-focused hedge funds globally, according to fintech research firm Autonomous Next, however their mixed belongings below administration are solely $5 billion at a most.

Neill Penney, co-head of buying and selling at Thomson Reuters, mentioned: “Cryptocurrency remains to be a comparatively small a part of the buying and selling market, however this survey makes clear this area of interest section is beginning to enter the mainstream of the monetary providers business. It is a main change from a 12 months in the past.”

The cryptocurrency market has stalled because the begin of the 12 months, declining from $800 billion in worth in December to round $400 billion as of Monday. Many crypto bulls imagine an inflow of institutional cash may very well be the spur that helps the market recuperate.

Invoice Barhydt, the CEO of American Categorical-backed cryptocurrency startup Abra, informed Enterprise Insider final month: “I speak to hedge funds, excessive web price people, even commodity speculators. They take a look at the volatility within the crypto markets and so they see it as an enormous alternative. As soon as that occurs, all hell will break unfastened.”

On Monday it was reported that Goldman Sachs has employed its first employee to focus exclusively on digital currencies as the Wall Street bank explores creating a bitcoin trading desk.

Exclusive FREE Report: The Bitcoin 101 Report by Business Insider Intelligence

Let’s block ads! (Why?)


Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Check Also

Ethereum Value Forecast: Ether Trades Close to Main Inflection Level

September 23, 2018 2:34 PM Ether’s value is approaching an vital resistance in oppos…