Bitcoin Gains Traction as Morgan Stanley Prepares Bitcoin Swap Trading By Investing.com



Bitcoin rallied on Thursday.

Investing.com – rallied on Thursday amid news that financial giant Morgan Stanley (NYSE:) is preparing a bitcoin derivatives scheme for clients.

Bitcoin rallied 3.44% to $6,479.00 on the Bitfinex exchange as of 8:04 AM ET (12:04 GMT).

The U.S. bank will deal crypto contracts, which allow investors to bet on the price of bitcoin without actually owning any, Bloomberg reported. Clients can go long or short and Morgan Stanley will charge a spread for the transactions.

It’s the latest Wall Street firm to find a way for clients to invest in the digital currency market. Citigroup (NYSE:) is exploring digital asset receipts for trading virtual coins, while Goldman Sachs (NYSE:) is considering derivatives on bitcoin and a plan to offer custody for alternative coin assets.

Cryptocurrencies overall were higher, with the coin market cap of total market capitalization at $197 billion at the time of writing compared to $187 billion on Thursday.

,or Ether, the second-biggest alternative currency by market cap, rose 13.08% to $196.42, after falling to a one-year low of $169.44 on Wednesday. , the third-largest virtual currency, increased 5.75% to $0.27459 and was at $53.764, up 11.10%.

In other news, the U.S. Financial Industry Regulatory Authority took its first disciplinary step involving cryptocurrencies, charging a broker with fraud and unlawful distribution of digital securities. On Tuesday the agency “filed a complaint against Timothy Tilton Ayre of Agawam, Massachusetts, charging him with securities fraud and the unlawful distribution of an unregistered cryptocurrency security called Hempcoin.”

The news comes after a New York federal rule judge that a fraud case involving virtual coins can go forward under U.S. securities laws.

Disclaimer: 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.



Source link

Be the first to comment

Leave a Reply

Your email address will not be published.


*