After Run at $10,000, Bitcoin Resumes Downtrend
“After Run at $10,000, Bitcoin Resumes Downtrend”: The price of bitcoin opened a higher Monday, well outside Friday’s low, as the world’s first cryptography looked to recoup some recent losses. However, after making a run at the $ 10,000 mark early Monday, bitcoin fell back into the red.
A single bitcoin BTCUSD, + 3.76% recently changed hands at $ 8,990.79, down 5.7% on the day.
Bitcoin fell about 20% last week, with analysts blaming the selloff partly on regulatory concerns, such as a Wednesday warning on cryptography platforms from the Securities and Exchange Commission.
The People’s Bank of China also seemed a little negative in the digital currencies last week. Zhou Xiaochuan – the governor of the central bank – said on Friday that Beijing did not recognize bitcoin and other virtual currencies as legitimate forms of payment, according to a Reuters report.
“Cryptocurrencies are still in the early stages of development,” said Matthew Newton, an analyst at eToro, which offers a cryptography platform in a recent note. “As the market grows, regulatory scrutiny is expected. Proper regulation should ultimately help promote best practices and protect consumers.”
Other major cryptography started the week in the red.
Ether fell 3% to $ 700.47, Bitcoin Cash was down 7.8% at $ 1,051.42, Litecoin fell 4.4% at $ 180.13 and Ripple is at $ 0 , 80, down 3.7%, according to research firm CoinDesk.
Read: John Oliver in Encryption: “This Market Is Essentially the Wild West”
“After Run at $10,000, Bitcoin Resumes Downtrend”: On Monday, futures markets declined. The March contract of CBOE Global Markets XBTH8, + 6.15% closed 3.1% to $ 8,855, while the March contract of CME Group Inc. BTCH8, + 5.33% ended at $ 8910, below of 1.2%