- Cryptocurrency market is trading with upside bias during early Asian hours on Thursday.
- Winklevoss’s cryptocurrency exchange now offers insurance coverage for digital assets.
Cryptocurrency market continue is in recovery way. All major coins gained ground during early Asian hours, while the total capitalization of the market jumped to $219.5B, while Bitcoin volatility is still the lowest since May 2017.
BTC/USD regained ground above critical $6,500 handle, but $6,600 is still unconquered, which means that Bitcoin has returned to $6,500-$6,600 range that limited its movements since the beginning of the week. The digital coin no.1 is changing hands at $6,559 at press time, off the early Asian high of $6,598. The price is 1% higher since this time on Wednesday.
ETH dropped as low as $214 on Wednesday, however, now the second largest coin is changing hands at $224.00, gaining 1.1% on day-on-day basis.
Ripple’s XRP is trading at $0.5381, off the Asian high registered at $0.5423. The coin has gained nearly 3% of its value on a day-on-day basis following a strong sell-off on Wednesday..
While the catalyst behind the Asian spike on cryptocurrency market remains unclear, the news that US-based crypto exchange Gemini introduced insurance coverage for digital assets may have supported the positive sentiments.
The trading platform established by the Winklevoss twins gained confidence of the insurers that had been reluctant to back the digital assets due to security concerns and high price volatility.
From the official announcement:
“After a series of due diligence roadshows with industry-leading insurers, we are pleased to announce that we have secured insurance coverage for the digital assets that we hold on your behalf in our online hot wallet. This furthers our mission to build the future of money by bolstering our commitment to providing you with a safe and secure platform to buy, sell, and store your digital assets.”
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