Cryptocurrencies Rise, Ethereum Surges 12%

Investing.com – Cryptocurrencies rose on Friday morning in Asia, as initial coin offering (ICO) projects sold three times more Ethereum in the past 10 days than in August.

edged up 1.56% to $6,500.1 at 10:34PM ET (02:34GMT) on the Bitifinex exchange.

spiked 12.56% to $216.26 in the previous 24 hours.

also rose 2.71% to $0.28032 on the Poloniex exchange, while settled 2.91% higher at $54.742.

In the past 10 days, 160,000 Ethereum tokens were sold by ICOs and another 120,000 sold in the previous 20 days, making a total of about $54 million worth of tokens within the last 30 days, according to a report from TrustNotes published on Thursday.

On Wednesday, Ethereum hit a 16-month low of $170.58.

Mike Novogratz, CEO of crypto firm Galaxy Digital, tweeted on Thursday that bitcoin is at its bottom.

“I think we put in a low yesterday. Retouched the highs of late last year and the point of acceleration that led to the massive rally/bubble…markets like to retrace to the breakout…we retraced the whole of the bubble.”

Morgan Stanley (NYSE:) plans to tied to bitcoin, according to a Bloomberg report, after its rival Goldman Sachs Group (NYSE:) reported to abandon plans to open a desk for trading digital tokens due to unclear regulatory framework.

Japan also echoed the sentiment. Telecom group Softbank, software firm Synchronoss Technologies and blockchain company TBCASoft completed a Proof of Concept (PoC) trial for a new mobile payments system that enables global peer-to-peer payments across different carriers.

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