Bitcoin prices on Wednesday logged a second straight gain, putting futures on the verge of the longest winning streak in the short history of the cyber unit on the futures market, which may be saying something of the inherently volatile digital asset that has been mostly bludgeoned since its debut in late November.
What did bitcoin prices do?
Bitcoin trading on Cboe Global Markets Inc. CBOE, -0.10% for February XBTG8, -2.83% added $220, or 2%, at $11,195, while January bitcoin futures BTCF8, -2.67% on CME Group Inc. CME, +0.64% expiring on Friday, ended marginally higher, up $20, or 0.2%, at $11,115.
Spot bitcoin prices late Wednesday in New York gained some upward traction, at $11,500, up 1.4%, according to data and news site CoinDesk.com. However, gains for the world’s most popular crypto asset have come amid heightened concerns about governmental oversight of cryptocurrencies, doubts about its utility as a genuine payment system and a general cooling of enthusiasm for the virtual commodity that soared to astronomical heights in 2017.
The second-most prominent digital asset, ether coins on Ethereum’s blockchain, regained a foothold above $1,000 a coin, as the broader cyber market appeared to stabilize after worries about a South Korean crackdown sparked selling. South Korea has come to be known as one the hotbeds of cryptocurrency trade, which makes the suggestion of trading bans, or stringent limits to activity there, a headwind for bitcoin and its ilk.
What else was in focus in cryptos?
On Wednesday, Lloyd Blankfein, CEO of Goldman Sachs, said during a CNBC interview at the World Economic Forum in Davos, Switzerland, that reports that the investment bank would be debut a crypto trading platform weren’t accurate, but said there was interest in facilitating trade in bitcoin futures for the bank’s clients.
Separately, Weiss Ratings released what it claims to be “the nation’s first-ever grades on cryptocurrencies by a financial rating agency,” giving bitcoin a lackluster rating of C+, citing network bottlenecks, high transaction costs and processing delays.
Meanwhile, the Commodity Futures Exchange Commission charged two Las Vegas businesses in a cryptocurrency scam, as the crackdown on shady cyber business gathers steam.
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