Bloomberg adds three cryptocurrencies to trading terminals

Bloomberg has added the prices of three cryptocurrencies to its trading terminals, with Ripple, Ether and Litecoin all listed

The company added Bitcoin to its terminals in 2013, but the price only began its spectacular ascent this year. In December 2016, a Bitcoin could be purchased for $804 (£603). Today (18 December 2017), it is trading at $19,193 – a rise of 2,287%.

The three cryptocurrencies added to the terminals have seen similar rises, with Ripple jumping from less than one cent in 2016 to 79 cents today.

Litecoin, meanwhile, has surged from $3.60 to $303 in the course of 2017, while Ether has lurched from $7.60 to $695.

Advocates claim moves such as Bloomberg’s further legitimise cryptocurrencies and could pave the way for them to eventually replace tradition paper money and coins. The CME, the world’s biggest futures exchange, launched its first Bitcoin futures this week, while its Chicago-based rival Cboe began trading Bitcoin futures last week.

Critics, however, warn cryptocurrencies are the clearest example of a bubble, which will soon come to an end.

In other news, cryptocurrency wallet Eidoo has announced it will destroy 500,000 of its EDO tokens following its first revenue stream through the launch of ICO Engine. ICO Engine allows startups to fundraise on the blockchain.

The destruction of 500,000 EDO coins is a bid to increase the value of the coin via a strategy called 'buyback and burn'.

Thomas Bertani, chief executive of Eidoo, said: ‘The strategy will mean that the total supply of EDO coins will decrease in number: the more the services are used, the more tokens will be destroyed. This buy-back and burn system will help decrease the number of tokens available on the market and thus aim to increase value for users.’

Report by Calum Fuller

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