Crypto market bounces back

AvatarKatie MacDonaldAugust 29, 2018
Market Bounces Back


Investors are breathing sighs of relief following a lift in the cryptocurrency market, with Bitcoin trading above US$7000 for the first time since early August.

Bitcoin has now seen several days of recovery despite crypto security measures in China and a collective of Bitcoin exchange-traded funds attracting a series of disapproval orders from the US Securities and Exchange Commission (SEC).

All but one of the top 20 coins listed on CoinMarketCap are in the green, except for Tether (USDT), largely due to to its ties to the US dollar.

Recent market activity includes crypto exchange player Huobi making a move on becoming a majority shareholder in publicly-traded electronics company Pantronics Holdings.

According to CoinDesk, the transaction is believed to be valued at US$77 million for about 75 per cent of Pantronics, with the move to be considered a reverse takeover, effectively making Huobi a publicly-traded company.

Meanwhile, Deutche Börse has made an investment in blockchain and fintech company HQLax.

The marketplace organiser for the trading of shares and other securities says it has made a ‘single-digit million euro investment’.

In return, Deutsche Börse will receive two seats on HQLAx’s board.

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