Cryptocurrency Prices Rose

258 – Prices of digital currencies shot up in Asia Friday morning. An imminent price crash of the defunct cryptocurrency, Mt Gox, grabbed some attention. Meanwhile, optimism for digital tokens was voiced out by a hedge fund CEO.

On the Bitfinex exchange, Bitcoin was trading at $9,178.9 by 12:30AM ET (04:30GMT) up 3.49% over the previous 24 hours.

On the other hand, the world’s second largest cryptocurrency by market cap, Ethereum, enlarged by 4.8% at $653.28 on the Bitfinex exchange.

An additional 4.49% to $0.83110 was added to XRP/USD on the Poliniex exchange while Litecoin increased by 3.55% to $150.7.


Mt Gox, the defunct cryptocurrency was reported to be moving 16,000 bitcoins from its vaults to an unknown address. This called the attention of investors who became concerned about an impending price crash.

The exchange based in Tokyo closed in 2014 after losing its customers bitcoins amounting to one million.

There could have been a big impact upon cryptocurrency markets due to the sale of a huge amount of bitcoins. There were concerns of a possible price crash by some investors, some stating that Mt Gox may have to wait for a court ruling before being allowed to sell any more of its extra funds.

Nobuaki Kobayashi, Mt Gox trustee, said that the movement of digital coins from the bankrupt exchange’s cold storage wallets had no effect on the price.

Meanwhile, blessings on Bitcoin was given by a hedge fund CEO.

Pantera Capital Management LP chief executive officer, Dan Morehead mentioned that Bitcoin “is screaming a buy right now.”

The CEO expected Bitcoin to recuperate from recent retreats and reach new limits within 12 months. He also said that the cryptomarket could expand to even $40 trillion in a 10-year prediction. Moreland added that there is also a rise on institutional investor interest in tokens.


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