Financial data provider Bloomberg has added price quotes for Litecoin, Ethereum, and Ripple to its terminals. Prices for the three cryptocurrencies have been on a tear recently and the addition of their price quotes amounts to a “validation of sorts for the digital currencies,” according to Fortune.
According to Fortune, data for the prices of the digital currencies will be drawn from BitStamp, a Luxembourg-based exchange. It quotes an unnamed source as saying that the feature is for foreign exchange traders. That could be an illustration of potential use cases for the cryptocurrencies.
Within the last week, Litecoin’s price has more than doubled in value and is currently trading at $282.18, an increase of 86.5% from its price on December 10. Ethereum and Ripple have shown similar upward movements, posting price jumps of 53.41% and 229%, respectively. (See also: Bitcoin Takes Backseat As Altcoins Rally.)
Bloomberg’s terminals cost $22,000 in annual fees, and cost $325,000 per user. The Financial Times reported that the number of subscribers to the terminal dropped last year as large investment banks cut back on spending due to increased trading fees and a slew of other expenses required for regulatory compliance with federal laws. The emergence of algorithmic trading, where machines rather than traders are responsible for trades, might also have played a role in reducing Bloomberg’s sales. (See also: The Bloomberg Terminal At A Glance.)