Bloomberg's adoption of ETC further legitimizes institutional trading of cryptocurrencies. It remains to be seen whether Bloomberg will expand across the asset class.
Last week, London-based trading platform eToro announced it had begun offering ETC as a tradable pair, which followed a similar move from major Chinese cryptocurrency exchange BTCC. Despite bullish community reactions, however, the timing of the Bloomberg move was perhaps less than optimal, coinciding with a Bitcoin price crash which dragged down the price of altcoins across the board. As of press time, ETC had lost 15.5 percent in 24 hours as Bitcoin fell towards $2,100. The loss was not as high as that of its sister Ethereum, however, which had lost close to 20 percent to land at just over $300.