Nudging only 0.6% in a day, down to US$14,653, makes it an incredibly dull day for usually volatile Bitcoin market, though there’s rarely little to talk about when it comes to the seemingly burgeoning cryptocurrency space.
There’s early Facebook and Pay Pal investor Peter Thiel , for example, who has steered between US$15mln to US$20mln into Bitcoin, according to a report in the Wall Street Journal. Given the apparent pull back in the Bitcoin price it may be turn out to be another deftly timed move for the famed Silicon Valley investor – or maybe it won’t.
Thiel, of course, is far from the only investor getting involved in Bitcoin recently and as proxies in the regular financial system are opening up the crypto market is seemingly opening up, even to retail investors.
US online broker E-Trade Financial is now started to offer its customers access to the CBOE Bitcoin futures, which were set up by the derivatives exchange last month.
E-Trade customers are required to put down 80% margin for trades, which is in line with the broker's other CBOE futures products.
Elsewhere, while Bitcoin is having a quieter time, the values of other cryptocurrencies were rising.
On Tuesday, the Ethereum virtual currency logged a new record high above US$900 (today it is priced at US$887), meanwhile, the Ripple digital currency has soared to a total market capitalisation in excess of US$100bn, making it the second most valuable of the cryptos – albeit, that’s still less than half the value of Bitcoin.
Ripple’s coin, known as XRP, has a much lower per unit price compared to some of the others, presently in the region of US$2.50, though it was only recently marked at less than a US cent.
The growing cryptocurrency is also notable for its closer ties to the existing financial services establishment, indeed it was developed by the banks, and it is being used for cross border payments between major institutions such as UBS, Santander, Bank of America and American Express.