Don't expect an immediate price bump from good news, says crypto fund manager

Bitcoin and major cryptocurrency prices were largely unchanged on Wednesday morning.

Bitcoin, the world’s largest digital currency, has been seesawing between $6300 and $6,500 for the last eight trading sessions and that trend was continuing Wednesday, with a single bitcoin BTCUSD, +0.72%  last going for $6,467.64, up 0.5% since Tuesday at 5 p.m. Eastern Time on the Kraken exchange.

The digital currency community got a further stamp of approval Tuesday when Coinbase, one of the largest U.S. cryptocurrency exchanges, said it would be offering support to Circle’s stablecoin, the USD Coin. In unrelated news, Coinbase said it had been granted approval to become a qualified custodian for digital assets in New York state.

However, crypto enthusiasts hoping for a bump in the price of digital assets will have to wait and play the long game, according to the founder of a prominent digital currency fund.

“It wouldn’t be rational to expect these types of announcements to affect bitcoin or other cryptocurrency prices in the short term. To paraphrase Jeff Bezos, the work that is being done today will be reflected in crypto prices 2-3 years from now,” wrote Anthony Pompliano, founder and partner at Morgan Creek Digital.

Read: Tight job market suggests crypto is here to stay—in one chart

What are altcoins and futures doing?

Smaller digital currencies, commonly referred to as altcoins are mostly unchanged to begin Wednesday. Ether, ETHUSD, +0.27% the cryptocurrency that runs on the ethereum network, was unchanged at $201.30, Bitcoin Cash BCHUSD, +0.91% was up 0.7% at $441.10, Litecoin LTCUSD, +0.60% was up 0.4% at $52.17 and XRP, XRPUSD, -0.29% was down 0.2% at 46 cents.

Bitcoin futures are clawing back some of Tuesday’s losses. The Cboe Global Markets November contract XBTX8, +0.55% was up 0.5% $6,420, while the CME Group October contract BTCV8, +0.63% was trading 0.4% higher at $6,420.

Read: 86% of 2017 ICOs are now in the red, Ernst & Young study finds

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