Cryptos Up as US Markets Fall, Institutions Embracing Crypto and a "Historic" Bitcoin Brothel Deal

A busy crypto market overnight saw Bitcoin and Ethereum make notable gains only to retreat again this morning – Bitcoin hit $9400, Ethereum $700 with both declining to $9,200 and $620 respectively at the time of writing.

The overnight spike in values could in part be attributed to a number of traditional financial US markets taking hits with the DJAI closing down 400 points, the S&P 500 falling 1.3% and also the Nasdaq composite declining by 1.7% yesterday.

According to a survey by Thomson Reuters of 400+ clients and users of their platforms, some 20% of institutions are considering cryptocurrency trading in the short term (3 to 12 months). Whilst Reuters state this is a greatly improved view by the industry when compared to last year, they unfortunately don’t provide figures stating the increase, but attribute the rise to more news and information on the sector being available.

Undoubtedly riding off the back of last week’s announcement by Verge (XVG) and its partnership with PornHub, the Moonlite Bunny Ranch brothel in Nevada is making headlines in the UK “Newspaper” The Sun announcing their first client paying for services with Bitcoin. Apparently the transaction was a “mid four figure payment” for the services rendered at the establishment, after which the client reportedly “walked out with a smile on his face” although unaware of the “history” being made as a result of the deal. If nothing else – the novel news does somewhat go towards proving viable use for Bitcoin amid the noise from confused and fearful bankers continually branding Bitcoin as a “useless currency” because they can't buy a coffee with it.

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Ubanx (BANX)

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Created: Wednesday, April 25, 2018

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