Published On: Wed, Feb 14th, 2018

Cryptocurrencies will more than double this year according to expert | City & Business | Finance

Jesse Powell, founder of Kraken, thinks we will see an “acceleration” of growth in the crypto market this year as the value of cryptocurrencies will more than double in 2018.

Mr Powell said: “You’ve got a lot more kids graduating from crypto programs at universities now. I think we’re just going to see it continue exponentially from here.”

According to CoinMarketCap, Kraken is ranked 8th by trading volume as the exchange trades around $300million over a 24-hour period.

The market value of the world’s virtual currencies currently stands at $432billion.

But on Monday the European Banking Authority, European Securities and Markets Authority, and the European Insurance and Occupational Pensions Authority said cryptocurrencies could “mislead” investors. 

An European Commission spokesman said: “The European Commission welcomes the warning issued by the three European Supervisory Authorities (on 12/02) alerting consumers of risks when buying virtual currencies.”

Just last month, hackers stole about $530million from the Tokyo-based exchange Coincheck Inc. 

In Asia, South Korea is embracing strong oversight of cryptocurrency trading, at one point saying it might shut down local exchanges. 

China, concerned about financial stability, last year ordered some exchanges to close. India this month vowed to stamp out use of cryptocurrencies altogether.

has experienced a problematic year so far but enthusiasts are standing by the cryptocurrencies and believe the tide will turn.

Bitcoin is currently valued at $9,240, the digital currency does seem to be rising however, this is a huge drop compared to when it was valued at $20,000 in December of last year. 

The second cryptocurrency in value, , is valued at $896 and the third, , is valued at $1.07.

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