Prices for cryptocurrencies post gains with UBS bank coming out for blockchain

Posted 19 June, 2018

The prices for cryptocurrencies rose on Tuesday, with bitcoin reaching the peak driven by the statement of UBS CEO.

On the Bitfinex, the leading digital coin, Bitcoin, was quoted at $6,777 and Ethereum –  $538.9.

Ripple changed hands at 0.55150. Litecoin was priced at 100.75.

The cryptos hiked after the CEO of Switzerland's bank UBS commented to the media that blockchain could reduce business expenses and "must-have" for the companies. He believes that this technology can improve the performance of the business via releasing resources, so blockchain would a good method how to cut costs.

At the same time, the bank remains generally sceptical towards cryptos, though it cooperates with IBM to develop blockchain platform. Specifically, last year UBS differentiated digital currencies and blockchain with the former considered as a speculative bubble.

In the Wall Street, players have a different opinion regarding the digital coins. In particular, some of them decided to try bitcoin and futures trading, while others opposed booming popularity of these assets. 

In general, the cryptocurrencies prices went up, though lately, they have been depressed by the price manipulation case and crypto scalability report of the Bank of International Settlements. 

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