Published On: Tue, Apr 17th, 2018

Bitcoin price LIVE: $8k BTC down as institutional trader labels crypto a ‘freak show’ | City & Business | Finance


7.30am MORNING HEADLINES

Good morning, and welcome to our rolling coverage of all things cryptocurrency, including price, regulation, innovation and financial crime.

Bitcoin is priced at $8,021, a fall of just $20 on the day so far.

As part of a closer examination of the much-hyped arrival of bit City money into the cryptocurrency space Mike Ingram, chief market strategist at WHIreland told Express.co.uk that the two markets are further away than many in the crypto community claim.

Mr Ingram says that only a few months ago “City bars were abuzz with talk of Bitcoin and similar ‘cryptos’”. However, today it’s hardly spoken of, “mirroring the crypto crash itself”.

Last week Ari Paul, chief investment officer at cryptocurrency hedge fund BlockTower Capital, told CNBC that pensions and large funds are looking across at crypto with interest. The CIO says that funds will add crypto-assets to their portfolios — sooner rather than later.

However, Mr Ingram paints a different picture.

He said: “Even when it was ‘hot’ however, these privately-issued digital currencies were viewed as a freak show by institutional traders and investors alike.

“Serious traders merely saw it as a wildly volatile instrument that threw up opportunities in an otherwise dull market. Indeed investment banks’ and exchanges’ enthusiasm for ‘cryptos’ was only ever about their ability to trade them profitably rather than an endorsement of their value.

“Most institutional investors recognised that this same volatility precluded their inclusion in client portfolios. Moreover, the ‘cryptos’ themselves defy any sensible attempt at fundamental valuation.

“In the absence of such, they are just a ‘punt’.”

Updates below throughout the day….



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