Cryptocurrencies soared in Friday trading and are poised to finish the 7-day week ending Friday, February 8th largely positive as the price of Bitcoin (BTC) is up 5.52% since last Friday’s close to USD$3,671.19. Litecoin (LTC) led major coins this week in gains, up 30.36% in the last 7 days to USD$43.02. Binance Coin (BNB) also had a stellar week, up 29.90% since last Friday’s close to USD$8.60 – BNB has appreciated 105.25% since its early December low to become the 10th largest cryptocurrency by total market capitalization.
This week of cryptocurrency news is headlined by US-based Kraken, who announced the acquisition of crypto exchange and futures provider Crypto Facilities for more than USD$100mm. The acquisition of Crypto Facilities, who is based in the United Kingdom, is likely part of Kraken’s plans to expand into Europe. Also this week, news broke that the founder and CEO of Canadian crypto exchange QuadrigaCX, Gerald Cotton, passed away in early December from complications due to Crohn’s disease. Cotton was allegedly the only member of QuadrigaCX with access to the exchange’s cold wallets, leaving users without access to USD$190mm worth of digital assets. Finally, SIX Swiss Exchange, Switzerland’s largest stock exchange, announced intentions to launch SIX Digital Exchange, a blockchain-based stock exchange platform, in the second half of 2019.