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Saturday, 20 October 05:28 (GMT -05:00)



Foreign exchange market

Bitcoin Rate Reaches 6700 USD/BTC


At the end of the trading week, the BTC exchange rate reached 6700 USD/BTC. The entire cryptocurrency market showed confident growth as well.
 
According to NordFX experts, the average price of the world’s first digital currency is now slightly above the mentioned level. This means that the price has gained nearly 3% since Thursday.
 
This means that the BTC market cap is now over 115 billion dollars. At the same time, it’s market share in the global market of cryptocurrencies is around 42%.
 
As usual, the price rally started by Bitcoin triggered a similar one for altcoins: Ethereum reached 477 USD/ETH, Ripple – 0,49 USD/XRP,BitcoinCash – 761 USD/BCH, EOS – 8,98 USD/EOS, Litecoin – 84,88 USD/LTC. The crypto market cap exceeded 274 billion dollars.
 

It’s interesting to note that the price rally took place against a controversial news background. On the one hand, the SEC of Thailand came up with a set of rules necessary to arrange the first ICO. They have already been published and will take effect on July 16th. At the same time, the committee for economic and monetary issues under the European parliament concluded that cryptocurrencies pose no threat to central banks.
 
On the other hand, the Bank of Finland banned Bitcoin from being used as a payment means. One of the local experts published a report where named the reasons why we shouldn’t be buying and using cryptocurrencies. For instance, he thinks that blockchain is an ordinary technology for storing data while cryptocurrencies are just systems for calculating abstract assets. They cannot be seen as real assets since they make money out of thin air, the expert thinks.

 

 

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