Cryptocurrencies stable as wild week comes to a close

clicks | 7 months ago | Google AI sentiment 0.10 | comments: discuss | tags: bitcoin cryptocurrency

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Cryptocurrency prices were little changed Friday, looking to end a wild week for digital asset owners on a quiet note.
Bitcoin BTCUSD, -0.20% the world’s biggest digital currency, is trading at $6,469.21 in early Friday trading, unchanged since Thursday’s level at 5 p.m. Eastern Time on the Kraken crypto exchange. For the week, bitcoin is on track for a 3.8% rise.
The total value of all digital currencies slumped to a 10-month low Wednesday of $186 billion, however, Thursday’s swift turnaround added as much as $20 billion, buoyed by a report that Morgan Stanley MS, +1.24% is on the cusp of offering clients a product to get exposure to bitcoin, joining a number of other banks reportedly heading down the bitcoin route. “Though it might be taking longer than some were expecting, adoption of cryptotrading on Wall Street is going ahead as planned,” wrote Mati Greenspan, senior market analyst at eToro.
According to data from CoinMarketCap the total value of all cryptocurrencies was $200 billion.
Novogratz says bitcoin bottom is in Aiding Thursday’s rally was former hedge-fund manager and prominent bitcoin bull Michael Novogratz calling the bottom in bitcoin. “This is the BGCI chart…I think we put in a low yesterday.,” Novogratz tweeted Thursday. The BGCI is the Bloomberg Galaxy Crypto index measures the value of major digital currencies in U.S. dollar terms.
This is the BGCI chart...I think we put in a low yesterday. retouched the highs of late last year and the point of acceleration that led to the massive rally/bubble... markets like to retrace to the breakout..we retraced the whole of the bubble. #callingabottom
— Michael Novogratz (@novogratz) September 13, 2018 Novogratz, a prominent hedge-fund investor, drew attention in the latter half of 2017 when he said bitcoin would reach $40,000 by the end of 2018 and added that bitcoin is a bubble, but a bubble worth buying.
Read: Crypto fund manager: You’ll never see a bigger bubble than bitcoin. buy it anyway
Ether holds $200, futures marginally higher After months in the doldrums, Ether ETHUSD, +0.34% posted a strong gain Thursday, climbing as much as 15%. In early Friday trading, the second largest digital currency was adding to gains, trading higher by 1.9% at $209.50.
Elsewhere, Bitcoin Cash BCHUSD, -4.79% was the worst performing major coin, trading down 3.4% to $452.30, Litecoin LTCUSD, -1.56% was down 0.2% at $53.92 and Ripple’s XRP coin XRPUSD, -1.34% was unchanged at 28 cents.
Futures are showing small gains Friday. The Cboe Global Markets Group Inc.’s September contract XBTU8, -0.04% was up 0.5% at $6,455, and the comparable CME Group Inc. September contract BTCU8, -0.16% was trading 0.3% higher at $6,455.
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Aaron Hankin Aaron Hankin is a MarketWatch reporter in New York who covers cryptocurrency and financial markets.
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