CryptoWatch: Bitcoin struggles to climb back above $9,000

After a week of robust gains in the cryptocurrency market, the No.1 digital asset, bitcoin, has run into resistance as industry headwinds put its recent rally in jeopardy.

“Bitcoin seems to be facing difficulties in moving beyond $9,000. The increase in mining complexity and the peak output of new capacities to the market at the end of 2017 have led to miners facing several issues after price correction,” FX Pro said in a morning report Tuesday.

The price of a single bitcoin BTCUSD, -2.51% reached an overnight high of $8,973.12 but have since retraced to a session low of $8,370.48, according to CoinDesk.

Elsewhere, Ether, which runs on the Ethereum network, is down 4.3% at $832.52, bitcoin cash is lower by 6.3% at $1,213.31, Litecoin is down 4.9% at $155.12 and Ripple is down 6.1% at $1.02.

Regulatory issues are back in the spotlight after news that seven of the largest cryptocurrency companies have come together to form a self-regulatory body in the U.K. CryptoUK, whose members include the popular Coinbase exchange and various trading platforms said it has produced an industry code of conduct that they hope will be widely adopted.

“We’re extremely proud to have brought together some of the leading players in the sector. This association is not only about exchanges, we represent the whole crypto sector, apart from ICOs. All of us are unified by a desire to grow in the U.K. and for the need for collaboration with government on what our future operating environment looks like,” Iqbal V Gandham, chair of CryptoUK, said in a statement.

On the futures front, the February bitcoin contract on Cboe Global Markets XBTG8, -2.66% opened the U.S. session down 3.4% at $8,510, while the CME Group Inc. contract BTCG8, -2.65%  last traded at $8,500, down 4%.

Filed in: Top News Tags: 

You might like:

The Ratings Game: Walgreens stock dives after Goldman downgrade on concerns about core business The Ratings Game: Walgreens stock dives after Goldman downgrade on concerns about core business
Futures Movers: Oil ends lower for the week; natural gas sees biggest weekly plunge since 2016 Futures Movers: Oil ends lower for the week; natural gas sees biggest weekly plunge since 2016
Market Extra: Individual investors are the most bearish since 2013: survey Market Extra: Individual investors are the most bearish since 2013: survey
Metals Stocks: Gold falls as haven buying lifts U.S. dollar, pushing metal’s price down for the week Metals Stocks: Gold falls as haven buying lifts U.S. dollar, pushing metal’s price down for the week
Week of Sandy Hook anniversary brings CDC data showing 2017 gun deaths at highest level in nearly 40 years Week of Sandy Hook anniversary brings CDC data showing 2017 gun deaths at highest level in nearly 40 years
Trump Today: Trump Today: President suggests China trade deal could happen soon as he praises Apple for expanding in U.S. Trump Today: Trump Today: President suggests China trade deal could happen soon as he praises Apple for expanding in U.S.
Johnson & Johnson’s stock slammed after report it knew of asbestos in baby powder Johnson & Johnson’s stock slammed after report it knew of asbestos in baby powder
Bond Report: Treasurys rally after soft China data sends global stocks lower Bond Report: Treasurys rally after soft China data sends global stocks lower

Leave a Reply

Submit Comment
© 2018 Stock Investors News. All rights reserved. XHTML / CSS Valid.