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 New York Post: ESPN reporter uses creative verbs to sidestep ban on NBA draft spoilers The New York Post: ESPN reporter uses creative verbs to sidestep ban on NBA draft spoilers
Etsy and eBay sellers hold their breath over Supreme Court’s sales tax ruling Etsy and eBay sellers hold their breath over Supreme Court’s sales tax ruling
Asia Markets: Asian markets retreat as trade worries weigh Asia Markets: Asian markets retreat as trade worries weigh
There’s been a spike in university ‘enrollments’ of emotional support animals There’s been a spike in university ‘enrollments’ of emotional support animals
ABC announces ‘Roseanne’ spinoff — without Roseanne Barr ABC announces ‘Roseanne’ spinoff — without Roseanne Barr
The Wall Street Journal: Iran says it opposes OPEC plan to raise oil output The Wall Street Journal: Iran says it opposes OPEC plan to raise oil output
In One Chart: And the most American-made car is… In One Chart: And the most American-made car is…
The Wall Street Journal: Acclaimed conservative columnist Charles Krauthammer dies at 68 The Wall Street Journal: Acclaimed conservative columnist Charles Krauthammer dies at 68

Leave a Reply

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